Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 26, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | SSB Bancorp, Inc. | ||
Entity Central Index Key | 0001716188 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,543,731 | ||
Entity Common Stock, Shares Outstanding | 2,276,891 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 10,610,445 | $ 2,428,542 |
Interest-bearing deposits with other financial institutions | 11,270,343 | 6,605,528 |
Cash and cash equivalents | 21,880,788 | 9,034,070 |
Certificates of deposit | 2,465,000 | 846,000 |
Securities available for sale | 9,849,599 | 9,068,101 |
Securities held to maturity (fair value of $3,932, and $6,478, respectively) | 3,879 | 6,394 |
Loans | 157,295,376 | 159,654,582 |
Allowance for loan losses | (1,183,261) | (1,124,925) |
Net loans | 156,112,115 | 158,529,657 |
Accrued interest receivable | 673,026 | 639,474 |
Federal Home Loan Bank stock, at cost | 2,924,600 | 2,651,400 |
Premises and equipment, net | 4,234,676 | 4,335,514 |
Bank-owned life insurance | 3,249,430 | 2,429,014 |
Deferred tax asset, net | 296,955 | 312,623 |
Other assets | 941,669 | 940,098 |
TOTAL ASSETS | 202,631,737 | 188,792,345 |
Deposits: | ||
Noninterest-bearing demand | 5,519,219 | 5,698,782 |
Interest-bearing demand | 18,218,407 | 8,386,431 |
Money market | 30,129,370 | 16,020,446 |
Savings | 1,314,513 | 12,883,970 |
Time | 93,839,220 | 93,119,137 |
Total deposits | 149,020,729 | 136,108,766 |
Federal Home Loan Bank advances | 31,374,500 | 31,374,500 |
Advances by borrowers for taxes and insurance | 712,189 | 685,195 |
Accrued interest payable | 331,133 | 255,486 |
Other liabilities | 309,988 | 49,311 |
TOTAL LIABILITIES | 181,748,539 | 168,473,258 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock: $0.01 par value per share: 5,000,000 shares authorized and no shares issued or outstanding | ||
Common Stock: 20,000,000 shares authorized and 2,276,891 and 2,248,250 shares issued and outstanding at $0.01 par value | 22,769 | 22,483 |
Paid-in capital | 8,707,184 | 8,692,971 |
Retained earnings | 12,951,846 | 12,515,501 |
Unearned Employee Stock Ownership Plan (ESOP) | (793,180) | (837,245) |
Accumulated other comprehensive loss | (5,421) | (74,623) |
TOTAL STOCKHOLDERS' EQUITY | 20,883,198 | 20,319,087 |
TOTAL LIABILITIES AND STOCKHOLERS' EQUITY | $ 202,631,737 | $ 188,792,345 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Fair value of held-to-maturity securities | $ 3,932 | $ 6,478 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 2,276,891 | 2,248,250 |
Common stock, shares outstanding | 2,276,891 | 2,248,250 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Net
Consolidated Statements of Net Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST INCOME | ||
Loans, including fees | $ 7,531,479 | $ 6,634,017 |
Interest-bearing deposits with other financial institutions | 291,361 | 83,195 |
Certificates of deposit | 48,896 | 14,783 |
Investment securities: | ||
Taxable | 387,513 | 252,895 |
Exempt from federal income tax | 29,193 | 33,298 |
Total interest income | 8,288,442 | 7,018,188 |
INTEREST EXPENSE | ||
Deposits | 2,934,156 | 2,199,932 |
Federal Home Loan Bank advances and other bank obligations | 869,597 | 700,026 |
Total interest expense | 3,803,753 | 2,899,958 |
NET INTEREST INCOME | 4,484,689 | 4,118,230 |
Provision for loan losses | 173,500 | 150,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 4,311,189 | 3,968,230 |
NONINTEREST INCOME | ||
Securities gains, net | 47,953 | |
Gain on sale of loans | 356,522 | 182,175 |
Loan servicing fees | 167,511 | 143,236 |
Earnings on bank-owned life insurance | 70,416 | 70,495 |
Other | 81,148 | 64,370 |
Total noninterest income | 723,550 | 460,276 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 2,151,120 | 1,733,102 |
Occupancy | 391,100 | 375,251 |
Professional fees | 598,896 | 700,927 |
Federal deposit insurance | 156,350 | 157,500 |
Data processing | 432,042 | 331,556 |
Director fees | 128,278 | 139,570 |
Contributions and donations | 68,969 | 71,257 |
Other | 562,615 | 475,663 |
Total noninterest expense | 4,489,370 | 3,984,826 |
Income before income taxes | 545,369 | 443,680 |
Provision for income taxes | 109,024 | 63,264 |
NET INCOME | $ 436,345 | $ 380,416 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.20 | $ 0.18 |
Diluted | $ 0.20 | $ 0.18 |
AVERAGE COMMON SHARES OUTSTANDING | ||
Basic | 2,167,028 | 2,162,322 |
Diluted | 2,170,538 | 2,162,322 |
DIVIDENDS DECLARED PER COMMON SHARE | ||
COMPREHENSIVE INCOME | $ 505,547 | $ 329,280 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 436,345 | $ 380,416 |
Other comprehensive income (loss): | ||
Net change in unrealized gain (loss) on available-for-sale securities | 135,551 | (65,130) |
Income tax effect | (28,466) | 13,994 |
Reclassification adjustment for net securities (gains) losses recognized in income | (47,953) | |
Income tax effect included in provision for income taxes | 10,070 | |
Other comprehensive income (loss), net of tax | 69,202 | (51,136) |
Total comprehensive income | $ 505,547 | $ 329,280 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Employee Stock Ownership Plan [Member] | Accumulated Other Comprehensive (Gain) Loss [Member] | Total |
Balance at Dec. 31, 2017 | $ 12,135,085 | $ (23,487) | $ 12,111,598 | |||
Net income | 380,416 | 380,416 | ||||
Other comprehensive income (loss) | (51,136) | (51,136) | ||||
Net proceeds from stock offering (2,248,250 shares issued) | 22,483 | 8,696,044 | 8,718,527 | |||
Purchase of ESOP shares (88,131shares purchased) | (881,310) | (881,310) | ||||
Amortization of ESOP | (3,073) | 44,065 | 40,992 | |||
Balance at Dec. 31, 2018 | 22,483 | 8,692,971 | 12,515,501 | (837,245) | (74,623) | 20,319,087 |
Net income | 436,345 | 436,345 | ||||
Other comprehensive income (loss) | 69,202 | 69,202 | ||||
Refund on offering expenses | 1,005 | 1,005 | ||||
Stock compensation plan | 286 | 20,875 | 21,161 | |||
Amortization of ESOP | (7,667) | 44,065 | 36,398 | |||
Balance at Dec. 31, 2019 | $ 22,769 | $ 8,707,184 | $ 12,951,846 | $ (793,180) | $ (5,421) | $ 20,883,198 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Number of common stock shares issued | 2,248,250 | |
Number of ESOP share issued | 88,131 | 88,131 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 436,345 | $ 380,416 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 173,500 | 150,000 |
Depreciation | 171,499 | 156,968 |
Net amortization of investment securities | 44,374 | 19,398 |
Gain on sale of portfolio loans | (14,765) | |
Origination of loans held for sale | (13,883,601) | (9,542,543) |
Proceeds from sale of loans | 14,225,358 | 9,724,718 |
Gain on sale of loans | (341,757) | (182,175) |
Gain on other real estate owned | (380) | |
Amortization of net deferred loan origination costs | 48,236 | |
Deferred income tax provision | (34,064) | (15,546) |
Gain on sale of investments | (47,953) | |
Increase in accrued interest receivable | (33,552) | (163,057) |
Increase in accrued interest payable | 75,647 | 48,889 |
Stock compensation expense | 21,161 | |
Amortization of ESOP | 36,398 | 40,992 |
Increase in bank owned life insurance | (70,416) | (70,495) |
Other, net | 230,510 | (58,068) |
Net cash provided by (used in) operating activities | 1,036,540 | 489,497 |
INVESTING ACTIVITIES | ||
Purchase of certificates of deposit | (2,217,000) | (248,000) |
Redemption of certificates of deposit | 598,000 | 345,000 |
Investment securities available for sale: | ||
Purchases | (6,194,622) | (6,900,211) |
Proceeds from sales | 3,471,800 | |
Proceeds from principal repayments, calls, and maturities | 2,032,501 | 363,932 |
Investment securities held to maturity: | ||
Proceeds from principal repayments, calls, and maturities | 2,515 | 3,403 |
Redemption of Federal Home Loan Bank stock | 240,000 | 182,000 |
Purchase of Federal Home Loan Bank stock | (513,200) | (670,800) |
Purchases of loans | (3,201,750) | (5,841,464) |
Increase in loans receivable, net | (1,266,826) | (12,341,824) |
Proceeds from sale of portfolio loans | 6,679,147 | |
Proceeds from sale of other real estate owned | 60,312 | |
Purchases of premises and equipment | (70,661) | (134,476) |
Purchase of bank-owned life insurance | (750,000) | |
Net cash (used for) provided by investing activities | (1,129,784) | (25,242,440) |
FINANCING ACTIVITIES | ||
Increase (decrease) in deposits, net | 12,911,963 | 3,678,742 |
Increase in advances by borrowers for taxes and insurance | 26,994 | (3,256) |
Net proceeds from stock offering | 8,718,527 | |
Refund on offering expenses | 1,005 | |
Purchase of ESOP shares | (881,310) | |
Repayment of Federal Home Loan Bank advances | (9,291,700) | |
Proceeds from Federal Home Loan Bank advances | 14,250,000 | |
Decrease in prepaid reorgainization and stock issuance costs | 837,944 | |
Net cash provided by (used in) financing activities | 12,939,962 | 17,308,947 |
Increase (decrease) in cash and cash equivalents | 12,846,718 | (7,443,996) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,034,070 | 16,478,066 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 21,880,788 | 9,034,070 |
Cash paid during the year for: | ||
Interest | 2,727,493 | 2,851,069 |
Income taxes | 117,368 | |
Noncash operating activities: | ||
Adoption of ASU 2016-02 | 9,353 | |
Noncash investing activities: | ||
Loans held for investment transferred to loans held for sale | $ 6,664,382 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION SSB Bancorp, Inc. SSB Bancorp, Inc. was incorporated on August 17, 2017 to serve as the subsidiary stock holding company for SSB Bank upon the reorganization of SSB Bank into a mutual holding company structure (the “Reorganization”). The Reorganization was completed effective January 24, 2018, with SSB Bank becoming the wholly-owned subsidiary of SSB Bancorp, Inc., and SSB Bancorp, Inc. becoming the majority-owned subsidiary of SSB Bancorp, MHC. In connection with the Reorganization, SSB Bancorp, Inc. sold 1,011,712 shares of common stock at an offering price of $10 per share. The common stock is quoted on the OTC Bulletin Board under the symbol “SSBP”. Also, in connection with the Reorganization, SSB Bank established an employee stock ownership plan (the “ESOP”), which purchased 88,131 shares of common stock at a price of $10 per share. In the Reorganization SSB Bancorp, Inc. also issued 1,236,538 shares of its common stock to SSB Bancorp, MHC. SSB Bank SSB Bank (the “Bank”) provides a variety of financial services to individuals and corporate customers through its offices in Pittsburgh, Pennsylvania. The Bank’s primary deposit products are passbook savings accounts, money market accounts, and certificates of deposit. Its primary lending products are commercial mortgage loan and single-family residential loans. The Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities. The consolidated financial statements include the accounts of SSB Bancorp, Inc. and SSB Bank (collectively, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. Financial information for the periods before the Reorganization on January 24, 2018 is that of SSB Bank only. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of the deferred tax assets. In connection with the determination of the allowance for loan losses, management periodically obtains independent appraisals for significant properties. A majority of the Company’s loan portfolio consists of commercial mortgage loans and single-family residential loans in the Pittsburgh area. Real estate prices in this market have been generally stable; however, the ultimate collectability of the Company’s loan portfolio is susceptible to changes in local market conditions. While management currently uses available information to recognize losses on loans and foreclosed real estate, future additions to the allowance may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for losses on loans. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the allowance for loan losses may change materially in the near term. In connection with deferred tax assets, the Company uses an estimate of future earnings to support the position that the benefit of deferred tax assets will be realized. If future income should prove non-existent or less than the amount of the deferred tax assets within the tax years to which they may be applied, the asset may not be realized and the Company’s net income will be reduced. Concentrations of Credit Risk The majority of the loans and commitments to extend credit have been granted to customers in the Pittsburgh market and surrounding communities. The Company does not have any significant concentrations in any one industry or customer. Although the Company has a diversified loan portfolio at December 31, 2019 and 2018, its debtors’ ability to honor their contracts is influenced by the region’s economy. Cash and Cash Equivalents The Company considers all cash and amounts due from banks and interest-bearing deposits with other financial institutions with original maturities of 90 days or less to be cash equivalents for purposes of the statements of cash flows. From time to time, the Company may invest funds with other financial institutions through certificates of deposit. Certificates of deposit are carried at cost and have original maturities of greater than ninety days. Investment and Mortgage-Backed Securities Investment and mortgage-backed securities are classified at the time of purchase, based upon management’s intentions and ability, as securities held to maturity or securities available for sale. Debt securities, including mortgage-backed securities acquired with the intent and ability to hold to maturity are stated at cost adjusted for the amortization of premiums and accretion of discounts, which are computed using the level yield interest method and recognized as adjustments of interest income over the contractual terms of the securities. Unrealized holding gains and losses for available-for-sale securities are reported as a separate component of net worth, net of tax, until realized. Realized securities gains and losses are recognized on the trade date and computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. Securities are periodically reviewed for other-than-temporary impairment based upon a number of factors, including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the likelihood of the security’s ability to recover any decline in its fair value, and whether or not the Company intends to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in fair value. For securities evaluated for impairment, management will determine what portion of the unrealized valuation loss is attributed to projected or known loss of principal, and what portion is attributed to market pricing based on current cash flow analysis. Management will generally record impairment equivalent to the projected or known loss of principal, known as the credit loss. The other portion of the fair market value loss is attributed to market factors and it is management’s opinion that these fair value losses are temporary and not permanent. A decline in value that is considered to be other than temporary is recorded as a loss within noninterest income in the statements of net income. Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank of Pittsburgh (FHLB) the Company is required to maintain a minimum investment in stock of the FHLB that varies with the level of advances outstanding from the FHLB. The stock is bought from and sold to the FHLB based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment as necessary. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the FHLB; and (d) the liquidity position of the FHLB. Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. Loans Held for Sale Loans held for sale are carried at the lower of aggregate cost or fair value. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. As of December 31, 2016, there were $6.1 million in commercial mortgage and $14.2 million in residential mortgage loans held for sale with a related valuation allowance of $371,780. In 2017, management sold $7.3 million of these loans and made a determination to transfer the remaining $12.6 million in loans as held for investment. The loans were transferred to the portfolio at fair value and the remaining valuation allowance of approximately $255,000 is being amortized into interest income utilizing the effective interest method. There were no loans held for sale as of December 31, 2019 or 2018. In addition, management sells certain fixed-rate residential mortgage loans periodically through the FHLB’s Mortgage Partnership Finance Program. There were no loans held for sale outstanding under this program as of December 31, 2019 or 2018. Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at unpaid principal balances, less the allowance for loan losses and as adjusted for third-party loan acquisition costs, deferred origination fees and costs, and discounts on loans previously held for sale. Beginning in 2017, the Company began deferring all loan origination fees and costs. Prior to 2017, loan origination fees and costs are generally recognized as incurred and were not material for the periods presented. Interest income is recognized using the level yield method related to principal amounts outstanding. The Company discontinues the accrual of interest income generally when loans become 90 days past due in either principal or interest. However, these determinations are made on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. In addition, if circumstances warrant, the accrual of interest may be discontinued prior to 90 days. A non-accrual loan will generally be placed back on accrual status after the borrower has become current and has demonstrated continued ability to service the loan. The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses that is charged to operations. The provision is based on management’s evaluation of the adequacy of the allowance for loan losses which encompasses the overall risk characteristics of the various portfolio segments, past experience with losses, the impact of economic conditions on borrowers, and other relevant factors. Impaired loans are those for which it is probable the Company will not be able to collect scheduled payments when due according to the contractual terms of the loan agreement. The Company individually evaluates such loans for impairment and does not aggregate them by major risk classifications. The definition of “impaired loans” is not the same as the definition of “nonaccrual loans,” although the two categories overlap. The Company may choose to classify a loan as impaired due to payment delinquency or uncertain collectability while not placing the loan on nonaccrual. Factors considered by management in determining impairment include payment status and the financial condition of the borrower. The amount of impairment for these types of loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value or, as a practical expedient in the case of collateral dependent loans, the difference between the fair value of the collateral net of estimated selling costs, if applicable, and the recorded amount of the loans. Loans which have undergone a significant modification are considered for potential troubled debt restructuring status. A troubled debt restructuring is a loan where management has granted a concession from the original terms to a borrower that is experiencing financial difficulties. A concession is generally granted in order to improve the financial condition of the borrower and improve the likelihood of full collection by the lender. A concession is generally defined as more favorable payment or credit terms granted to a borrower in an effort to improve the likelihood of the Company collecting principal in its entirety. All loans modified and determined to be a troubled debt restructuring are considered to be impaired. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Large groups of smaller-balance homogenous loans are collectively evaluated for impairment. In reviewing risk within the Company’s loan portfolio, management has determined there to be several different risk categories within the loan portfolio. The allowance for loan losses consists of amounts applicable to: (i) the one-to-four family mortgage portfolio; (ii) the commercial mortgage portfolio; (iii) the commercial and industrial portfolio; and (iv) the consumer portfolio. Factors considered in this process included general loan terms, collateral, and availability of historical data to support the analysis. Risk characteristics within the portfolios are noted as follows: One-to-four family residential real estate – All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. To a lesser extent, the Company originates construction loans on residential properties, which have an increased risk attributable to possible construction delays or costs over-runs. Commercial real estate – Loans in this segment are primarily income-producing properties in the Pittsburgh area. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in this segment. Management continually monitors the cash flows of these loans. Commercial and industrial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment. Consumer and HELOC – Loans in this segment are generally unsecured except for home equity lines of credit, which are secured by residential real estate. Repayment on unsecured consumer loans is dependent on the credit quality of the individual borrower. In terms of the Company’s loan portfolio, the commercial and industrial loans and commercial mortgage loans are deemed to have more risk than the one-to-four family mortgage loans and other consumer loans in the portfolio. The commercial and industrial loans are highly dependent on the borrowers’ financial condition and therefore are more dependent on economic conditions. The commercial mortgage loans are also dependent on economic conditions but generally have stronger forms of collateral. Management’s assessment of historical loss experience is used as the basis for the general reserve component. Certain qualitative factors are then added to adjust the historical allocation percentage to get the total factor to be applied to performing loans. The following qualitative factors are analyzed: ● Quality of lending policies and procedures and other credit quality indicators ● Levels of and trends in delinquencies ● Trends in volume and terms ● Trends in credit quality ratings ● Changes in management and lending staff ● Economic trends ● Concentrations of credit The Company analyzes its loan portfolio each month to determine the appropriateness of its allowance for loan losses. In calculating the allowance, management will begin by compiling the balance of loans by credit quality for each loan segment in order that allocations can be made in aggregate based on historic losses and qualitative factors. Prior to calculating these aggregate allocations, management will individually evaluate commercial and industrial and commercial mortgage loans for impairment. One-to-four family mortgages and consumer loans are not individually evaluated for impairment and are therefore allocated for in aggregate, unless the loan was subject to a modification or is nonperforming. The loans measured in aggregate are considered to be large groups of smaller-balance homogenous loans and are measured for impairment collectively. Other Real Estate Owned Other real estate owned acquired in settlement of foreclosed loans is carried as a component of other assets at fair value, less estimated costs to sell. Prior to foreclosure, the estimated collectible value of the collateral is evaluated to determine whether a partial charge-off of the loan balance is necessary. After transfer to other real estate owned, any subsequent write-downs are charged against other operating expenses. Direct costs incurred in the foreclosure process and subsequent holding costs incurred on such properties are recorded as expenses of current operations. As of December 31, 2019, and 2018, included with other assets are $45,000, and $138,100, respectively, of property from one-to-four family residential mortgages that were foreclosed on. As of December 31, 2019, foreclosure proceedings have started on one additional one-to-four family residential mortgage with a balance of $76,552 and one additional commercial mortgage with a balance of $607,258. Mortgage Servicing Rights (MSRs) The Company recognizes, as separate assets, rights to service mortgage loans for others, whether the rights are acquired through purchase or after origination and sale of mortgage loans. The Company initially measures MSRs at fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on the present value of estimated future net servicing income. Servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into noninterest income. The Company amortizes these assets on a straight-line basis over the estimated life of the loan which does not differ materially from the proportional amortization method. The Company performs a periodic review for impairment in the carrying value of mortgage servicing rights. Any impairment is recognized through a valuation allowance with a corresponding charge in the statements of net income. Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 10 years for furniture, fixtures, and equipment and 40 years for buildings. Expenditures for maintenance and repairs are charged against income as incurred. Bank-Owned Life Insurance The Company invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from the increase in cash surrender value of the policies, as well as proceeds received in excess of cash surrender values, are included in other income in the statement of net income, and are not subject to income taxes. Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws in the period of enactment. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. Employee Stock Ownership Plan The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. Comprehensive Income Comprehensive income or loss consists of net income or loss and other comprehensive income or loss that includes changes in the unrealized gains and losses on securities available for sale. Additionally, the unrealized gains and losses at the end of the period are recorded in accumulated other comprehensive income (loss) on the balance sheets, net of tax. Advertising Costs Advertising costs are expensed as incurred. When applicable, a contract is amortized over its term. Stock-Based Compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize compensation cost net of estimated forfeitures. Earnings Per Common Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. Recent Accounting Standards On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that among other things, reduce certain reporting requirements for qualifying public companies and define and “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. We intend to take advantage of the benefits of extended transition periods. Accordingly, our financial statements may not be comparable to those of public companies that adopt the new or revised financial accounting standards as of an earlier date. The effective dates of the following recent accounting standards reflect those that relate to non-issuer companies. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU 2017-08 , Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20) On December 31, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and subsequent amendments thereto, which requires the Company to recognize most leases onto the balance sheet. The Company adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including: ● Carry over of historical lease determination and lease classification conclusions ● Carry over of historical initial direct cost balances for existing leases ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $9,353, and operating lease liabilities of $9,353 as of December 31, 2019. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Income Statement. Prior periods were not restated and continue to be presented under legacy GAAP. Disclosures about the Company’s leasing activities are presented in Note 22 – Leases. On January 1, 2019, the Company adopted ASU 2014-09 Revenue from Contracts with Customers Revenue from Contracts with Customers |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | 3. SECURITIES AVAILABLE FOR SALE The amortized cost and fair values of securities available for sale are as follows: December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 5,303,817 $ 19,894 $ (42,383 ) $ 5,281,328 Obligations of state and political subdivisions 1,363,535 2,174 (4 ) 1,365,705 Corporate bonds 3,189,510 24,963 (11,907 ) 3,202,566 Total $ 9,856,862 $ 47,031 $ (54,294 ) $ 9,849,599 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 3,883,220 $ 495 $ (18,635 ) $ 3,865,080 Obligations of state and political subdivisions 1,540,053 153 (38,244 ) 1,501,962 Corporate bonds 3,547,246 - (38,511 ) 3,508,735 U.S. treasury securities 192,443 5 (124 ) 192,324 Total $ 9,162,962 $ 653 $ (95,514 ) $ 9,068,101 The amortized cost and fair value of investment securities available for sale by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities provide for periodic payments of principal and interest and have contractual maturities ranging from less than 5 years to 30 years. Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. December 31, 2019 Amortized Fair Cost Value Due within one year or less $ 174,651 $ 175,491 Due after one year through five years 1,041,207 1,053,899 Due after five years through ten years 3,380,901 3,382,145 Due after ten years 5,260,103 5,238,064 Total $ 9,856,862 $ 9,849,599 In 2019, proceeds from sales of investment securities available for sale were $3,471,800 with a gross realized gain of $47,953. There were no sales of investment securities in 2018. |
Securities Held to Maturity
Securities Held to Maturity | 12 Months Ended |
Dec. 31, 2019 | |
Securities Held To Maturity | |
Securities Held to Maturity | 4. SECURITIES HELD TO MATURITY The amortized cost and fair values of securities held to maturity are as follows: December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 3,879 $ 53 $ - $ 3,932 Total $ 3,879 $ 53 $ - $ 3,932 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 6,394 $ 84 $ - $ 6,478 Total $ 6,394 $ 84 $ - $ 6,478 The amortized cost and fair value of mortgage-backed securities held to maturity at December 31, 2019, by contractual maturity, are shown below. Mortgage-backed securities provide for periodic payments of principal and interest and have contractual maturities ranging from less than a year to 8 years. Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, actual lives of these securities could be significantly shorter. December 31, 2019 Amortized Fair Cost Value Due within one year or less $ - $ - Due after one year through five years 2,575 2,590 Due after five years through eight years 1,304 1,342 Total $ 3,879 $ 3,932 |
Unrealized Losses on Securities
Unrealized Losses on Securities | 12 Months Ended |
Dec. 31, 2019 | |
Unrealized Losses On Securities | |
Unrealized Losses on Securities | 5. UNREALIZED LOSSES ON SECURITIES The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position: December 31, 2019 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities in government-sponsored entities 3,005,336 (40,992 ) 273,818 (1,391 ) 3,279,154 (42,383 ) Obligations of state and political subdivisions 24,996 (4 ) - - 24,996 (4 ) Corporate bonds 2,068,955 (11,907 ) - - 2,068,955 (11,907 ) Total $ 5,099,287 $ (52,903 ) $ 273,818 $ (1,391 ) $ 5,373,105 $ (54,294 ) December 31, 2018 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. treasury securities $ 159,275 $ (124 ) $ - $ - $ 159,275 $ (124 ) Mortgage-backed securities in government-sponsored entities 3,458,555 (7,806 ) 341,423 (10,829 ) 3,799,978 (18,635 ) Obligations of state and political subdivisions 55,708 (34 ) 1,397,740 (38,210 ) 1,453,448 (38,244 ) Corporate bonds 3,309,271 (37,959 ) 199,464 (552 ) 3,508,735 (38,511 ) Total $ 6,982,809 $ (45,923 ) $ 1,938,627 $ (49,591 ) $ 8,921,436 $ (95,514 ) Management reviews the Company’s securities positions quarterly. There were 11 investments that were temporarily impaired as of December 31, 2019, with aggregate depreciation of 0.6 percent from the Company’s amortized cost basis. At December 31, 2019, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that any impairment of its investment securities portfolio outlined in the above table is not other than temporary and the declines are the result of interest rate changes, sector credit rating changes, or company-specific rating changes that are not expected to result in the noncollection of principal and interest during the period. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans | 6. LOANS The Company’s loan portfolio summarized by category is as follows: December 31, December 31, 2019 2018 Mortgage loans: One-to-four family $ 70,511,775 $ 75,520,850 Commercial 57,117,861 59,494,384 127,629,636 135,015,234 Commercial and industrial 23,990,540 19,166,207 Consumer 5,690,941 5,404,216 157,311,117 159,585,657 Third-party loan acquisition and other net origination costs 147,441 268,101 Discount on loans previously held for sale (163,182 ) (199,176 ) Allowance for loan losses (1,183,261 ) (1,124,925 ) Total $ 156,112,115 $ 158,529,657 The Company’s primary business activity is with customers located in Pittsburgh and surrounding communities. The Company’s loan portfolio consists predominantly of one-to-four family mortgage and commercial mortgage loans. These loans are typically secured by first-lien positions on the respective real estate properties and are subject to the Company’s underwriting policies. Included in consumer loans is $3,659,748 and $3,552,786 of home equity lines of credit as of December 31, 2019 and 2018, respectively. During the normal course of business, the Company may transfer a portion of a loan as a participation loan, in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. The Company transferred $9,874,053 and $7,508,671 in participation loans, as of December 31, 2019 and 2018, respectively, to other financial institutions. As of December 31, 2019 and 2018, all of these loans were being serviced by the Company. In the ordinary course of business, loans are extended to directors, principal officers, and their affiliates. In management’s opinion, all of these loans are substantially on the same terms and conditions as loans to other individuals and businesses of comparable credit worthiness. A summary of loan activity for these principal officers, directors, and their affiliates, is as follows: Years Ended December 31, 2019 2018 Balance, beginning of year $ 1,130,390 $ 917,968 Additions 55,984 484,223 Repayments (187,733 ) (271,801 ) Removals (292,685 ) - Balance, end of year $ 705,956 $ 1,130,390 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | 7. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The following tables present, by portfolio segment, the changes in the allowance for loan losses: Year ended Mortgage Commercial Consumer December 31, 2019: One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 Charge-offs (28,268 ) (22,932 ) (50,652 ) (19,385 ) (121,237 ) Recoveries - - 6,073 - 6,073 Provision (credit) 148,819 72,929 (48,373 ) 125 173,500 Ending balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 Year ended Mortgage Commercial Consumer December 31, 2018: One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 513,846 $ 383,535 $ 80,854 $ 63,210 $ 1,041,445 Charge-offs (16,429 ) - (9,270 ) (40,821 ) (66,520 ) Recoveries - - - - - Provision (credit) (74,878 ) 10,365 192,137 22,376 150,000 Ending balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 The following tables present the composition of the allowance for loan losses as of December 31, 2019 and 2018, by loan class and segregated by those loans that deemed impaired and those that are not deemed impaired: Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total December 31, 2019 Allowance for loan losses: Loans deemed impaired $ 43,180 $ - $ - $ - $ 43,180 Loans not deemed impaired 499,910 443,897 170,769 25,505 1,140,081 Ending Balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 December 31, 2019 Loans: Loans deemed impaired $ 3,912,297 $ 2,472,890 $ 1,398,286 $ 188,060 $ 7,971,533 Loans not deemed impaired 66,599,478 54,644,971 22,592,254 5,502,881 149,339,584 Ending Balance $ 70,511,775 $ 57,117,861 $ 23,990,540 $ 5,690,941 $ 157,311,117 Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total December 31, 2018 Allowance for loan losses: Loans deemed impaired $ 28,136 $ - $ - $ - $ 28,136 Loans not deemed impaired 394,403 393,900 263,721 44,765 1,096,789 Ending Balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 December 31, 2018 Loans: Loans deemed impaired $ 2,486,210 $ 1,768,845 $ 155,660 $ 1,195 $ 4,411,910 Loans not deemed impaired 73,034,640 57,725,539 19,010,547 5,403,021 155,173,747 Ending Balance $ 75,520,850 $ 59,494,384 $ 19,166,207 $ 5,404,216 $ 159,585,657 The following tables present the recorded investment of impaired loans by class as of December 31, 2019 and 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary: December 31, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no allowance recorded: Mortgage loans: One-to-four family $ 3,753,813 $ 3,785,265 $ - $ 2,211,525 $ 2,211,525 $ - Commercial 2,472,890 2,497,469 - 1,768,845 1,768,845 - Commercial and Industrial 1,398,286 1,465,938 - 155,660 155,660 - Consumer and HELOC 188,060 194,255 - 1,195 1,195 - With an allowance recorded: Mortgage loans: One-to-four family 158,484 158,547 43,180 274,685 274,685 28,136 Commercial - - - - - - Commercial and Industrial - - - - - - Consumer and HELOC - - - - - - Total mortgage loans: One-to-four family 3,912,297 3,943,812 43,180 2,486,210 2,486,210 28,136 Commercial 2,472,890 2,497,469 - 1,768,845 1,768,845 - Commercial and Industrial 1,398,286 1,465,938 - 155,660 155,660 - Consumer and HELOC 188,060 194,255 - 1,195 1,195 - Total $ 7,971,533 $ 8,101,474 $ 43,180 $ 4,411,910 $ 4,411,910 $ 28,136 The following tables presents the average recorded investment and interest income recognized for impaired loans by class for the years ended December 31, 2019 and 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary: Year Ended December 31, 2019 Year Ended December 31, 2018 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 3,130,905 $ 68,271 $ 1,978,510 $ 13,292 Commercial 2,152,058 55,428 1,335,330 14,372 Commercial and industrial 608,240 9,926 116,534 - Consumer and HELOC 14,456 - 30,502 540 With an allowance recorded: Mortgage loans: One-to-four family 162,809 3,110 356,259 8,844 Commercial - - - - Commercial and industrial - - - - Consumer and HELOC - - - - Total mortgage loans: One-to-four family 3,293,714 71,381 2,334,769 22,136 Commercial 2,152,058 55,428 1,335,330 14,372 Commercial and industrial 608,240 9,926 116,534 - Consumer and HELOC 14,456 - 30,502 540 Total $ 6,068,468 $ 136,735 $ 3,817,135 $ 37,048 Credit Quality Information Aging Analysis of Past-Due Loans by Class Management further monitors the performance and credit quality of the loan portfolio by analyzing the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories: December 31, 2019 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans 90 Days or Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 338,997 $ 856,490 $ 1,799,005 $ 2,994,492 $ 67,517,283 $ 70,511,775 $ - Commercial 280,198 138,256 823,417 1,241,871 55,875,990 57,117,861 645,201 Commercial and industrial 32,261 220,000 - 252,261 23,738,279 23,990,540 - Consumer and HELOC 4,512 - 38,864 43,376 5,647,565 5,690,941 - Total $ 655,968 $ 1,214,746 $ 2,661,286 $ 4,532,000 $ 152,779,117 $ 157,311,117 $ 645,201 December 31, 2018 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans 90 Days or Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 305,412 $ 624,784 $ 1,701,044 $ 2,631,240 $ 72,889,610 $ 75,520,850 $ - Commercial - - 1,094,376 1,094,376 58,400,008 59,494,384 - Commercial and industrial - - 155,660 155,660 19,010,547 19,166,207 - Consumer and HELOC - - 1,195 1,195 5,403,021 5,404,216 - Total $ 305,412 $ 624,784 $ 2,952,275 $ 3,882,471 $ 155,703,186 $ 159,585,657 $ - The following table presents the loans on nonaccrual status, by class: December 31, December 31, 2019 2018 Mortgage loans: One-to-four family $ 2,045,845 $ 2,302,267 Commercial 1,055,876 1,094,376 Commercial and industrial 74,864 155,660 Consumer and HELOC 38,864 1,195 Total $ 3,215,449 $ 3,553,498 Credit Quality Information The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to their credit risk. The Company uses a seven grade internal loan rating system for commercial ● Loans rated 1, 2, 3, 4 and 5: ● Loans rated 6: ● Loans rated 7: ● Loans rated 8: ● Loans rated 9: The risk category of loans by class of loans is as follows: December 31, 2019 December 31, 2018 Mortgage Commercial and Mortgage Commercial and Commercial Industrial Commercial Industrial Loans rated 1 - 5 $ 54,749,767 $ 23,848,823 $ 57,773,482 $ 15,028,078 Loans rated 6 24,658 - - 3,982,469 Loans rated 7 2,343,436 141,717 1,720,902 155,660 Ending balance $ 57,117,861 $ 23,990,540 $ 59,494,384 $ 19,166,207 There were no commercial loans classified as doubtful or loss at December 31, 2019 or 2018. For one-to-four family mortgage and consumer loans, the Company evaluates credit quality based on whether the loan is considered to be performing or nonperforming. Loans are generally considered to be nonperforming when they are placed on nonaccrual or become 90 days past due. The following table presents the balances of loans by classes of the loan portfolio based on payment performance: December 31, 2019 December 31, 2018 Mortgage Consumer Mortgage Consumer One-to-Four and One-to-Four and Family HELOC Family HELOC Performing $ 68,465,930 $ 5,652,077 $ 73,218,583 $ 5,403,021 Nonperforming 2,045,845 38,864 2,302,267 1,195 Total $ 70,511,775 $ 5,690,941 $ 75,520,850 $ 5,404,216 Troubled Debt Restructurings During the year ended December 31, 2019, the Company modified twelve loans as troubled debt restructurings. The twelve loans were comprised of four one-to-four family mortgages, three commercial mortgages, one consumer loan, and four commercial and industrial loans. The one-to-four family mortgages had an aggregate balance of $1,382,136 as of December 31, 2019, and an aggregate pre- and post-modification balance of $1,382,136. In three cases, the concession granted by the Company was a deferment of accrued interest and principal, and in one case, the concession granted by the Company was an extension of the interest-only period. The commercial mortgages had an aggregate balance of $156,043 as of December 31, 2019, and an aggregate pre- and post-modification balance of $156,647. In two cases, the concession granted by the Company was to extend the period of interest-only payments, and in one case, the concession granted by the Company was an extension of the maturity date. The consumer loan had a balance of $149,196 as of December 31, 2019, and a pre- and post- modification balance of $149,196, and the concession granted by the Company was a reduction in the interest rate. The commercial and industrial loans had an aggregate balance of $1,398,286 as of December 31, 2019, and a pre- and post- modification balance of $1,398,286. In all four cases, the concession granted by the Company was an extension of the maturity date. During the year ended December 31, 2018, the Company modified three loans as troubled debt restructurings. The three loans were comprised of one one-to-four family mortgage and two commercial mortgages. The one-to-four family mortgage has a balance of $145,279 as of December 31, 2018. It had a pre- and post-modification balance of $146,053 and the concession granted by the Company was an extension of the maturity date. This loan defaulted in the current reporting period. The two commercial mortgages have an aggregate balance of $674,468 as of December 31, 2018. They had an aggregate pre- and post-modification balance of $678,263 and the concessions granted by the Company, in both cases, was an extended interest-only period. Troubled debt restructuring totaled $1.9 million at December 31, 2018. As of December 31, 2019 and 2018, the Company allocated $43,180 and $1,980, respectively, within the allowance for loan losses to loans modified as troubled debt restructurings. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 8. PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, 2019 2018 Land $ 600,000 $ 678,000 Buildings 4,002,853 3,924,853 Furniture and equipment 1,003,014 932,353 Construction in process - - 5,605,867 5,535,206 Accumulated depreciation (1,371,191 ) (1,199,692 ) Total $ 4,234,676 $ 4,335,514 Depreciation expense on premises and equipment was $171,499 and $156,968 for the years ended December 31, 2019 and 2018, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits: | |
Deposits | 9. DEPOSITS Time deposits include certificates of deposit and other time deposits in denominations of $250,000 or greater aggregating to $12.6 million and $13.9 million at December 31, 2019 and 2018, respectively. The aggregate maturities of time deposits in years 2020 through 2024 and thereafter are as follows at December 31, 2019: 2020 31,529,045 2021 21,832,337 2022 13,721,462 2023 6,784,448 2024 6,931,802 Thereafter 13,040,126 $ 93,839,220 Brokered certificates of deposits amounted to $29.3 million and $30.7 million at December 31, 2019, and 2018, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Borrowings | 10. BORROWINGS Pursuant to collateral agreements with the FHLB, advances are secured by all stock in the FHLB and a blanket lien on qualifying first mortgage loans. The Company had a maximum borrowing capacity of $91,252,750 as of December 31, 2019. The following table shows the Company’s fixed rate FHLB borrowings: December 31, 2019 Weighted- Maturing in Amount Average Rate 2020 $ 7,124,500 2.37 % 2021 8,000,000 2.87 % 2023 4,000,000 1.88 % 2024 and thereafter 12,250,000 2.70 % Total $ 31,374,500 2.56 % December 31, 2018 Weighted- Maturing in Amount Average Rate 2019 $ 6,250,000 2.49 % 2020 7,124,500 2.37 2021 8,000,000 2.87 2025 and thereafter 10,000,000 2.93 Total $ 31,374,500 2.70 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES Income tax expense is summarized as follows: Years Ended December 31, 2019 2018 Currently payable: Federal $ 93,029 $ 32,408 State 18,722 1,317 111,751 33,725 Deferred: Federal (2,727 ) 29,539 (2,727 ) 29,539 Total $ 109,024 $ 63,264 The components of the net deferred tax asset are as follows: December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 248,485 $ 236,234 Premises and equipment - - Accrued interest payable 69,538 53,652 Nonaccrual loan interest 54,045 74,936 Write-down on loans held for sale 34,268 41,827 Net unrealized loss on securities 1,842 20,237 Deferred comp plan 4,444 - Other 8,356 - Gross deferred tax assets 420,978 426,886 Deferred tax liabilities: Mortgage servicing rights (66,768 ) (49,212 ) Premises and equipment (57,255 ) (57,754 ) Other - (7,297 ) Gross deferred tax liabilities (124,023 ) (114,263 ) Net deferred tax asset $ 296,955 $ 312,623 No valuation allowance was established at December 31, 2019 and 2018, in view of the Company’s ability to recover taxes paid in previous years, to execute certain tax strategies and to anticipate future taxable income as evidenced by the Company’s earnings potential. Reconciliations of the federal statutory rate to the Company’s effective income tax rate are as follows: Years Ended December 31, 2019 2018 % of % of Amount Pretax Income Amount Pretax Income Provision of statutory rate $ 114,527 21.0 % $ 93,208 21.0 % Tax-exempt interest (4,311 ) (0.8 ) (6,993 ) (1.6 ) State income tax 14,483 2.7 1,040 0.2 Other, net (15,675 ) (2.9 ) (23,991 ) (5.4 ) Actual tax expense and effective rate $ 109,024 20.0 % $ 63,264 14.2 % U.S. generally accepted accounting principles prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company did not have any uncertain tax positions at December 31, 2019 or 2018 which would have required accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2019 and 2018. The Company’s income tax returns are subject to review and examination by federal and state taxing authorities. With few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations by tax authorities for years before 2016. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2019 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |
Employee Stock Ownership Plan | 12. EMPLOYEE STOCK OWNERSHIP PLAN The Company established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees in conjunction with the Reorganization effective on January 24, 2018. All employees who are not union employees, leased employees, or non-resident alien employees are eligible. As of December 31, 2019, all employees were eligible. Eligible employees become 20% vested in their accounts after two years of service, 40% after three years of service, 60% after four years of service, 80% after five years of service and 100% after six years of service, or earlier, upon death, disability or attainment of normal retirement age. The ESOP purchased 88,131 shares of SSB Bancorp common stock, which was funded by a loan from SSB Bancorp. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as a contra-equity account in the stockholders’ equity of the Company. Shares are to be released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can include dividends, if any, on the unallocated stock held by the ESOP and discretionary contributions from the Company to the ESOP and earnings thereon. At December 31, 2019, the fair value of the unearned ESOP shares was $635,000. Compensation expense is equal to the fair value of the shares committed to be released and unallocated ESOP shares are excluded from outstanding shares for purposes of computing earnings per share. During the years ended December 31, 2019 and 2018, the Company recognized $36,398 and $40,992, respectively, in compensation expense. |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Stock Compensation Plan | 13. STOCK COMPENSATION PLAN In May 2019, the Company’s board adopted, and its shareholders approved, the SSB Bancorp, Inc. 2019 Equity Incentive Plan (the Plan) authorizing the grant of options or restricted stock covering 154,229 shares of common stock. The maximum number of shares of stock that may be delivered under the Plan pursuant to the exercise of stock options is 110,164 and the maximum number of shares of stock that may be issued as restricted stock awards, restricted stock units, and performances shares is 44,065. Under the Plan, options or restricted stock can be granted to directors, officers, and employees that provide services to the Company, as selected by the compensation committee of the Board. The option price at which a granted stock option may be exercised will not be less than 100% of the fair market value per share of common stock on the grant date. The maximum term of any option granted under the Plan cannot exceed 10 years. On May 23, 2019, 11,015 shares of restricted stock and 27,540 stock options were awarded to directors under the Plan. The shares of restricted stock and stock options vest at a rate of 20% per year commencing on May 23, 2020, and the related expense is being recognized straight-line over the 60-month period. Additionally, on November 20, 2019, 17,626 shares of restricted stock and 44,066 stock options were awarded to certain executives under the Plan. The shares of restricted stock and stock options vest at a rate of 20% per year commencing on November 20, 2020, and the related expense is being recognized straight-line over the 60-month period. At December 31, 2019, there were 15,424 shares of stock and 38,558 stock options available to be issued under the Plan. The following tables summarize transactions regarding the restricted stock under the Plan for year ended December 31, 2019. Weighted average Number of grant date price restricted shares per share Non-vested shares at December 31, 2018 - $ - Granted 28,641 7.89 Vested - - Forfeited - - Non-vested shares at December 31, 2019 28,641 7.89 A summary of the status of the awarded stock options at December 31, 2019, and changes during the year ended December 31, 2019 is presented in the tables and narrative following: Year ended December 31, 2019 Shares Weighted Average Exercise Price Weighted Average Fair Value Outstanding at January 1, 2019 - $ - $ - Granted 71,606 7.89 0.95 Exercised - - - Forfeited - - - Outstanding at December 31, 2019 71,606 7.89 0.95 Exercisable at December 31, 2019 - - - Weighted average of options granted in current year $ 7.89 0.95 At December 31, 2019, none of the 71,606 options outstanding are exercisable. The 71,606 options that are not yet exercisable all have a weighted average exercise price of $7.89 and a weighted average remaining contractual life of 10 years. The fair value of each option grant is estimated on the date of grant using the Binomial or Black-Scholes option pricing model with the following assumptions used for grants in the year ended December 31, 2019. Year ended Pricing model assumption ranges December 31,2019 Risk-free interest rate 1.73% - 2.00% Expected lives in years 10 Expected volatility 8.86% - 10.60% Expected forfeiture rate 10.00 % Expected dividend rate 1.50 % The Company uses the modified prospective method for accounting for stock-based compensation. For the year ended December 31, 2019, the Company recognized $17,000 and $4,000 of pretax compensation expense related to restricted stock awards and stock option awards, respectively. As of December 31, 2019, there was $209,000 of unrecognized compensation expense related to restricted stock awards, and $57,000 of unrecognized compensation expense related to stock option awards that will be recognized over the remaining vesting periods. No stock options have been exercised as of December 31, 2019. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | 14. REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measure of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of December 31, 2019, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum capital ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed the Bank’s category. Management believes that the Bank meets all capital adequacy requirements to which it is subject. The Company’s actual capital amounts and ratios are presented in the table below. December 31, December 31, 2019 2018 Amount Ratio Amount Ratio Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 20,888,619 14.00 % $ 20,393,710 14.22 % For capital adequacy purposes 6,714,585 4.50 % 6,453,270 4.50 % To be well capitalized 9,698,845 6.50 % 9,321,390 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 20,888,619 14.00 % $ 20,393,710 14.22 % For capital adequacy purposes 8,952,780 6.00 % 8,604,360 6.00 % To be well capitalized 11,937,040 8.00 % 11,472,480 8.00 % Total capital (to risk-weighted assets) Actual $ 22,071,880 14.79 % $ 21,518,635 15.01 % For capital adequacy purposes 11,937,040 8.00 % 11,472,480 8.00 % To be well capitalized 14,921,300 10.00 % 14,340,600 10.00 % Tier 1 capital (to average assets) Actual $ 20,888,619 10.66 % $ 20,393,710 11.59 % For capital adequacy purposes 7,834,802 4.00 % 7,036,287 4.00 % To be well capitalized 9,793,503 5.00 % 8,795,358 5.00 % The Bank’s actual capital amounts and ratios are presented in the table below. December 31, December 31, 2019 2018 Amount Ratio Amount Ratio Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 17,287,045 11.59 % $ 16,853,358 11.75 % For capital adequacy purposes 6,714,585 4.50 % 6,453,270 4.50 % To be well capitalized 9,698,845 6.50 % 9,321,390 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 17,287,045 11.59 % $ 16,853,358 11.75 % For capital adequacy purposes 8,952,780 6.00 % 8,604,360 6.00 % To be well capitalized 11,937,040 8.00 % 11,472,480 8.00 % Total capital (to risk-weighted assets) Actual $ 18,470,306 12.38 % $ 17,978,283 12.54 % For capital adequacy purposes 11,937,040 8.00 % 11,472,480 8.00 % To be well capitalized 14,921,300 10.00 % 14,340,600 10.00 % Tier 1 capital (to average assets) Actual $ 17,287,045 8.83 % $ 16,853,358 9.58 % For capital adequacy purposes 7,834,797 4.00 % 7,036,287 4.00 % To be well capitalized 9,793,496 5.00 % 8,795,358 5.00 % |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS The Company has a 401(k) plan that covers substantially all employees. The plan provides for employer-matching contributions on employee contributions of up to 3 percent of compensation, plus 50 percent matching up to the next 2 percent of compensation. The Company paid required employer-matching contributions of $65,057 and $52,608 for the years ended December 31, 2019 and 2018, respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 16. COMMITMENTS In the normal course of business, the Company makes various commitments that are not reflected in the Company’s financial statements. The Company offers such products to enable its customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other parties to the financial instruments is represented by the contractual amounts as disclosed. The Company minimizes its exposure to credit loss under these commitments by subjecting them to credit approval, review procedures and collateral requirements as deemed necessary. Off-balance sheet commitments consisted of the following: December 31, 2019 2018 Commitments to extend credit $ 2,389,040 $ 2,736,500 Construction unadvanced funds 3,703,529 3,711,319 Unused lines of credit 6,381,590 8,186,512 Letters of Credit 5,163,454 - $ 17,637,613 $ 14,634,331 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the loan agreement. These commitments consisted primarily of mortgage loan commitments. The Company uses the same credit policies in making loan commitments and conditional obligations as it does for on-balance sheet instruments. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as deemed necessary, is based upon management’s credit evaluation in compliance with the Company’s lending policy guidelines. The Company and certain executives are parties to employment agreements that provide for a base salary and certain other benefits. The initial terms of the agreements are for three years with annual renewals thereafter. In the event of the executive’s termination without cause, as defined, the executive will receive a lump sum cash payment equal to the amount remaining under the contract. Additional benefits are payable upon a change in control, as defined. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 17. FAIR VALUE MEASUREMENTS The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad pricing levels are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data, when available. Fair values for securities are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. Fair values of securities determined by quoted prices in active markets, when available, are classified as Level I. At December 31, 2019 and 2018, fair value measurements were obtained from a third-party pricing service and not adjusted by management. Transfers are recognized at the end of the reporting period, as applicable. The following tables present the assets reported on the balance sheets at their fair value by level within the fair value hierarchy. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. No liabilities were reported at fair value on a recurring basis. December 31, 2019 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 5,281,328 $ - $ 5,281,328 Obligations of state and political subdivisions - 1,365,705 - 1,365,705 Corporate bonds - 3,202,566 - 3,202,566 U.S. treasury securities - - - - Mortgage servicing rights - - 317,939 317,939 Impaired loans with reserve - - 115,304 115,304 December 31, 2018 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 3,865,080 $ - $ 3,865,080 Obligations of state and political subdivisions - 1,501,962 - 1,501,962 Corporate bonds - 3,508,735 - 3,508,735 U.S. treasury securities 192,324 - - 192,324 Mortgage servicing rights - - 234,344 234,344 Impaired loans with reserve - - 246,549 246,549 Loans Held For Sale Fair values are estimated based on the discounted value of contractual cash flows adjusted for current market inputs including interest rates and prepayment speeds, as well as adjustments for the credit quality of the borrowers. Impaired Loans Certain collateral dependent impaired loans have been adjusted to fair value based on the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, along with management’s assumptions in various factors, such as selling costs and discounts for time since last appraised. Other Real Estate Owned Other real estate owned (OREO) is measured at fair value, less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management. The assets are carried at fair value, less estimated cost to sell. Income and expense from operations and changes in valuation allowance are included in other noninterest expense. The following tables present information related to the assets measured on a nonrecurring basis on the balance sheets at their fair value as of December 31, 2019 and 2018, respectively, by level within the fair value hierarchy. No liabilities were measured at fair value on a nonrecurring basis. December 31, 2019 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 45,000 $ 45,000 December 31, 2018 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 138,100 $ 138,100 The following table provides the significant unobservable inputs used in the fair value measurement process for items valued using Level III techniques at December 31, 2019 and 2018: Fair Value at Range December 31, Valuation (Weighted 2019 Valuation Techniques Unobservable Inputs Average) Other real estate owned $ 45,000 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 115,304 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 317,939 Discounted cash flows Loan prepayment speeds 8.49%-10.52% (9.38 )% Fair Value at Range December 31, Valuation (Weighted 2018 Valuation Techniques Unobservable Inputs Average) Other real estate owned $ 138,100 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 246,549 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 244,344 Discounted cash flows Loan prepayment speeds 8.49%-10.52% (9.69 )% The estimated fair values of the Company’s financial instruments are as follows: December 31, 2019 Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 21,880,788 $ 21,880,788 $ 21,880,788 $ - $ - Certificates of deposit 2,465,000 2,576,000 - 2,576,000 - Investment securities: Available for sale 9,849,599 9,849,599 - 9,849,599 - Held to maturity 3,879 3,932 - 3,932 - Loans, net 156,112,115 163,239,115 - - 163,239,115 Accrued interest receivable 673,026 673,026 - 673,026 - FHLB Stock 2,924,600 2,924,600 - - 2,924,600 Financial liabilities: Deposits 149,020,729 150,700,557 55,206,337 - 95,494,220 FHLB advances 31,374,500 31,773,500 - 31,773,500 - Accrued interest payable 331,133 331,133 - 331,133 - December 31, 2018 Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 9,034,070 $ 9,034,070 $ 9,034,070 $ - $ - Certificates of deposit 846,000 837,828 - 837,828 - Investment securities: Available for sale 9,068,101 9,068,101 192,324 8,875,777 - Held to maturity 6,394 6,478 - 6,478 - Loans, net 158,529,657 159,275,657 - - 159,275,657 Accrued interest receivable 639,474 639,474 - 639,474 - FHLB Stock 2,651,400 2,651,400 - - 2,651,400 Financial liabilities: Deposits 136,108,766 134,639,766 42,989,629 - 91,650,137 FHLB advances 31,374,500 31,242,500 - 31,242,500 - Accrued interest payable 255,486 255,486 - 255,486 - Financial instruments are defined as cash, evidence of an ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the estimated fair value would be calculated based upon the market price per trading unit of the instrument. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | 18. FAIR VALUE OF FINANCIAL INSTRUMENTS If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses, and other factors as determined through various option pricing formulas or simulation modeling. Since many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have a significant impact on the resulting estimated fair values. Since certain assets, such as deferred tax assets and premises and equipment, are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Company. Cash and Cash Equivalents, Accrued Interest Receivable, FHLB Stock, and Accrued Interest Payable The fair value is equal to the current carrying value. Certificates of Deposit The fair values of certificates of deposit are based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Securities Fair values for securities are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. Fair values of securities determined by quoted prices in active markets, when available, are classified as Level I. Loans Held For Sale Fair values are estimated using current market inputs including interest rates and prepayment speeds, as well as adjustments for the credit quality of the borrowers. Loans, Net The fair value is estimated by discounting future cash flows using current market inputs at which loans with similar terms and qualities would be made to borrowers of similar credit quality. Certain collateral dependent impaired loans have been adjusted to fair value based on the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, along with management’s assumptions in various factors, such as selling costs and discounts for time since last appraised. FHLB Advances The fair value of FHLB advances is based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Deposits The fair values of certificates of deposit are based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Demand, savings, and money market deposit accounts are valued at the amount payable on demand as of year-end. Commitments These financial instruments are generally not subject to sale, and estimated fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, are not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 16. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 19. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax: Net Unrealized Gain (Loss) on Securities Years ended December 31, 2019 2018 Accumulated other comprehensive income (loss), beginning of period $ (74,623 ) $ (23,487 ) Other comprehensive income (loss) on securities before reclassification, net of tax 107,085 (51,136 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (37,883 ) - Net other comprehensive income (loss) 69,202 (51,136 ) Accumulated other comprehensive income (loss), end of period $ (5,421 ) $ (74,623 ) |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 20. LEGAL PROCEEDINGS The Company is involved in certain claims and legal actions arising in the ordinary course of business. The outcome of these claims and actions is not presently determinable; however, the opinion of the Company’s management, after consulting legal counsel, the ultimate disposition of these matters will not have a material adverse effect on the financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER COMMON SHARE | |
Earnings Per Share | 21. EARNINGS PER SHARE Earnings per common share for the years ended December 31, 2019 and 2018 are presented in the following table: Year ended Year ended December 31, 2019 December 31, 2018 Net Income $ 436,345 $ 380,416 Shares outstanding for basic EPS: Average shares outstanding 2,248,711 2,248,250 Less: Average unearned ESOP shares 81,683 85,928 Shares outstanding for basic EPS 2,167,028 2,162,322 Additional dilutive shares 3,510 - Shares oustanding for diluted EPS 2,170,538 2,162,322 Basic income per share $ 0.20 $ 0.18 Diluted income per share $ 0.20 $ 0.18 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 22. LEASES Due to the adoption of ASU 2016-02, Leases (Topic 842) The discount rate utilized in calculating the present value of the remaining lease payments for each lease was the Federal Home Loan Bank of Pittsburgh advance rate corresponding to the remaining maturity of the lease. The following table presents the weighted-average lease term and discount rate for the leases outstanding at December 31, 2019. Operating Weighted-average remaining term (years) 1.6 Weighted-average discount rate 1.87 % The following table presents the undiscounted cash flows due to operating leases as of December 31, 2019, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets: Undiscounted cash flows due: Operating Within 1 year $ 6,000 After 1 year but within 2 years 3,500 After 2 years - Total undiscounted cash flows 9,500 Discount on cash flows (147 ) Total lease liabilities $ 9,353 Under Topic 842, the lessee can elect to not record on the Consolidated Balance Sheets a lease whose term is 12 months or less and does not include a purchase option that the lessee is reasonably certain to exercise. As of December 31, 2019, the Company had no leases that had a term of 12 months or less. The Company has recorded a right-of-use asset of $9,353 and a lease liability of $9,353 included with other assets and other liabilities, respectively, on the Consolidated Balance Sheets for December 31, 2019. Rental expense under operating leases totaled $7,156 in 2019 and $2,736 in 2018. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 23. REVENUE RECOGNITION Due to the Company’s adoption of ASC 606, on January 1, 2019, the Company conforms to the standard framework for recognizing revenue from contracts with customers. Interest income, net securities (losses) gains and bank-owned life insurance are not in scope of ASC 606. For the revenue streams within the scope of ASC 606, including service charges on deposits, electronic banking fees, mortgage banking income, and net gain or loss on sale of other real estate owned, there are no significant judgements related to the amount and timing of revenue recognition. Service Charges on Deposits There are monthly service charges for both commercial and personal banking customers, depending on their account types, which are earned over the month per the related fee schedule based on the customers’ level of deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account. Electronic Banking Fees Interchange fees are earned based on customer transactions. Revenue is recognized when the transaction is settled. The Company does not charge ATM fees. Mortgage Banking Income Income is earned when SSB Bank-originated loans are sold to an investor on the secondary market. The investors offer pricing for loans at least daily. The Company makes commitments to deliver loans when pricing is acceptable. After a salable loan is consummated and delivery is committed, the loan is sold, loan documents are delivered to the investor, revenue is recognized, and the loans are derecognized from the Consolidated Balance Sheets. Typically this happens within days of consummation. Mortgage servicing rights are retained in most cases, and the value of the mortgage servicing rights is recognized as revenue at the time of the sale. Net Gain or Loss on Sale of Other Real Estate Owned Net gain or loss is recorded when other real estate is sold to a third party and the Company collects substantially all of the consideration to which the Company is entitled in exchange for the transfer of the property. The following table summarized the point of revenue recognition and the income recognized for each of the revenue streams for the year ended December 31, 2019: For the years ended December 31, Revenue Streams Point of revenue recognition 2019 2018 Service charges on deposits At a point in time & over time $ 8,660 $ 7,751 Electronic banking fees At a point in time $ 34,818 $ 24,605 Mortgage banking income At a point in time $ 341,757 $ 182,175 Net gain on sale of other real estate owned At a point in time $ 380 $ - |
SSB Bancorp, Inc. (Parent Compa
SSB Bancorp, Inc. (Parent Company Only) Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
SSB Bancorp, Inc. (Parent Company Only) Financial Statements | 24. SSB BANCORP, INC. (PARENT COMPANY ONLY) FINANCIAL STATEMENTS The following are the condensed balance sheets, statements of income, and statements of cash flows for the parent company: Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 3,639,553 $ 3,512,824 Investment in wholly owned subsidiary 17,281,624 16,819,727 Other assets 4,444 26,536 Total assets $ 20,925,621 $ 20,359,087 Liabilities and stockholders’ equity Other liabilities $ 42,423 $ 40,000 Stockholders’ equity 20,883,198 20,319,087 Total liabilities and stockholders’ equity $ 20,925,621 $ 20,359,087 Statements of Income Year ended December 31, 2019 2018 Income Equity in undistributed income of subsidiary $ 433,687 $ 444,873 Other income 63,504 - Total income 497,191 444,873 Expenses Other expenses 36,331 90,993 Total expense 36,331 90,993 Income before income tax expense 460,860 353,880 Income tax expense (benefit) 24,515 (26,536 ) Net income $ 436,345 $ 380,416 Comprehensive income $ 488,665 $ 329,280 Statements of Cash Flows Year ended December 31, 2019 2019 2018 Cash flows from operating activities: Net income $ 436,345 $ 380,416 Adjustments to reconcile net income to cash provided by operating activities Equity in undistributed income of subsidiary (433,687 ) (444,873 ) Stock compensation expense 21,161 - Other, net 24,515 13,464 Net cash provided by operating activities 48,334 (50,993 ) Cash flows from financing activities: Proceeds from stock offering - 8,718,527 Refund of offering expenses 1,005 - Proceeds from release of ESOP shares 77,390 Purchase of ESOP shares - (881,310 ) Capitalization of banking subsidiary - (4,273,400 ) Net cash used for financing activities 78,395 3,563,817 Net increase in cash 126,729 3,512,824 Cash, beginning balance 3,512,824 - Cash, ending balance $ 3,639,553 $ 3,512,824 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. SUBSEQUENT EVENTS The Company has assessed events occurring subsequent to December 31, 2019, for potential recognition and disclosure in the financial statements. The onset of the COVID-19 pandemic has had an adverse economic effect on a global, national, and local level. Following the outbreak, market interest rates have declined significantly as the 10-year Treasury bond fell below 1.00% in early March 2020. This event may adversely affect the Company’s delivery of products and services as vendors and third-party suppliers may be impacted. Consumer confidence may also be negatively affected. The pandemic has impacted the way in which the Company is conducting business. Since notice of the pandemic, the Company has maintained an on-site staff of 10 employees or less in an effort to slow the spread of the pandemic. The Company is urging all customers to use mobile or electronic banking when possible as well as use the drive-through service as opposed to entering the branch lobby. Staff members continue to take appointments as necessary, but this practice has been limited as much as possible. The Company is preparing to defer loan payments as necessary to those loan customers that have been impacted by the pandemic. The full extent of the pandemic is yet unknown. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of the deferred tax assets. In connection with the determination of the allowance for loan losses, management periodically obtains independent appraisals for significant properties. A majority of the Company’s loan portfolio consists of commercial mortgage loans and single-family residential loans in the Pittsburgh area. Real estate prices in this market have been generally stable; however, the ultimate collectability of the Company’s loan portfolio is susceptible to changes in local market conditions. While management currently uses available information to recognize losses on loans and foreclosed real estate, future additions to the allowance may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for losses on loans. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the allowance for loan losses may change materially in the near term. In connection with deferred tax assets, the Company uses an estimate of future earnings to support the position that the benefit of deferred tax assets will be realized. If future income should prove non-existent or less than the amount of the deferred tax assets within the tax years to which they may be applied, the asset may not be realized and the Company’s net income will be reduced. |
Concentrations of Credit Risk | Concentrations of Credit Risk The majority of the loans and commitments to extend credit have been granted to customers in the Pittsburgh market and surrounding communities. The Company does not have any significant concentrations in any one industry or customer. Although the Company has a diversified loan portfolio at December 31, 2019 and 2018, its debtors’ ability to honor their contracts is influenced by the region’s economy. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all cash and amounts due from banks and interest-bearing deposits with other financial institutions with original maturities of 90 days or less to be cash equivalents for purposes of the statements of cash flows. From time to time, the Company may invest funds with other financial institutions through certificates of deposit. Certificates of deposit are carried at cost and have original maturities of greater than ninety days. |
Investment and Mortgage-Backed Securities | Investment and Mortgage-Backed Securities Investment and mortgage-backed securities are classified at the time of purchase, based upon management’s intentions and ability, as securities held to maturity or securities available for sale. Debt securities, including mortgage-backed securities acquired with the intent and ability to hold to maturity are stated at cost adjusted for the amortization of premiums and accretion of discounts, which are computed using the level yield interest method and recognized as adjustments of interest income over the contractual terms of the securities. Unrealized holding gains and losses for available-for-sale securities are reported as a separate component of net worth, net of tax, until realized. Realized securities gains and losses are recognized on the trade date and computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. Securities are periodically reviewed for other-than-temporary impairment based upon a number of factors, including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the likelihood of the security’s ability to recover any decline in its fair value, and whether or not the Company intends to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in fair value. For securities evaluated for impairment, management will determine what portion of the unrealized valuation loss is attributed to projected or known loss of principal, and what portion is attributed to market pricing based on current cash flow analysis. Management will generally record impairment equivalent to the projected or known loss of principal, known as the credit loss. The other portion of the fair market value loss is attributed to market factors and it is management’s opinion that these fair value losses are temporary and not permanent. A decline in value that is considered to be other than temporary is recorded as a loss within noninterest income in the statements of net income. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank of Pittsburgh (FHLB) the Company is required to maintain a minimum investment in stock of the FHLB that varies with the level of advances outstanding from the FHLB. The stock is bought from and sold to the FHLB based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment as necessary. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the FHLB; and (d) the liquidity position of the FHLB. Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. |
Loans Held for Sale | Loans Held for Sale Loans held for sale are carried at the lower of aggregate cost or fair value. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. As of December 31, 2016, there were $6.1 million in commercial mortgage and $14.2 million in residential mortgage loans held for sale with a related valuation allowance of $371,780. In 2017, management sold $7.3 million of these loans and made a determination to transfer the remaining $12.6 million in loans as held for investment. The loans were transferred to the portfolio at fair value and the remaining valuation allowance of approximately $255,000 is being amortized into interest income utilizing the effective interest method. There were no loans held for sale as of December 31, 2019 or 2018. In addition, management sells certain fixed-rate residential mortgage loans periodically through the FHLB’s Mortgage Partnership Finance Program. There were no loans held for sale outstanding under this program as of December 31, 2019 or 2018. |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at unpaid principal balances, less the allowance for loan losses and as adjusted for third-party loan acquisition costs, deferred origination fees and costs, and discounts on loans previously held for sale. Beginning in 2017, the Company began deferring all loan origination fees and costs. Prior to 2017, loan origination fees and costs are generally recognized as incurred and were not material for the periods presented. Interest income is recognized using the level yield method related to principal amounts outstanding. The Company discontinues the accrual of interest income generally when loans become 90 days past due in either principal or interest. However, these determinations are made on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. In addition, if circumstances warrant, the accrual of interest may be discontinued prior to 90 days. A non-accrual loan will generally be placed back on accrual status after the borrower has become current and has demonstrated continued ability to service the loan. The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses that is charged to operations. The provision is based on management’s evaluation of the adequacy of the allowance for loan losses which encompasses the overall risk characteristics of the various portfolio segments, past experience with losses, the impact of economic conditions on borrowers, and other relevant factors. Impaired loans are those for which it is probable the Company will not be able to collect scheduled payments when due according to the contractual terms of the loan agreement. The Company individually evaluates such loans for impairment and does not aggregate them by major risk classifications. The definition of “impaired loans” is not the same as the definition of “nonaccrual loans,” although the two categories overlap. The Company may choose to classify a loan as impaired due to payment delinquency or uncertain collectability while not placing the loan on nonaccrual. Factors considered by management in determining impairment include payment status and the financial condition of the borrower. The amount of impairment for these types of loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value or, as a practical expedient in the case of collateral dependent loans, the difference between the fair value of the collateral net of estimated selling costs, if applicable, and the recorded amount of the loans. Loans which have undergone a significant modification are considered for potential troubled debt restructuring status. A troubled debt restructuring is a loan where management has granted a concession from the original terms to a borrower that is experiencing financial difficulties. A concession is generally granted in order to improve the financial condition of the borrower and improve the likelihood of full collection by the lender. A concession is generally defined as more favorable payment or credit terms granted to a borrower in an effort to improve the likelihood of the Company collecting principal in its entirety. All loans modified and determined to be a troubled debt restructuring are considered to be impaired. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Large groups of smaller-balance homogenous loans are collectively evaluated for impairment. In reviewing risk within the Company’s loan portfolio, management has determined there to be several different risk categories within the loan portfolio. The allowance for loan losses consists of amounts applicable to: (i) the one-to-four family mortgage portfolio; (ii) the commercial mortgage portfolio; (iii) the commercial and industrial portfolio; and (iv) the consumer portfolio. Factors considered in this process included general loan terms, collateral, and availability of historical data to support the analysis. Risk characteristics within the portfolios are noted as follows: One-to-four family residential real estate – All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. To a lesser extent, the Company originates construction loans on residential properties, which have an increased risk attributable to possible construction delays or costs over-runs. Commercial real estate – Loans in this segment are primarily income-producing properties in the Pittsburgh area. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in this segment. Management continually monitors the cash flows of these loans. Commercial and industrial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment. Consumer and HELOC – Loans in this segment are generally unsecured except for home equity lines of credit, which are secured by residential real estate. Repayment on unsecured consumer loans is dependent on the credit quality of the individual borrower. In terms of the Company’s loan portfolio, the commercial and industrial loans and commercial mortgage loans are deemed to have more risk than the one-to-four family mortgage loans and other consumer loans in the portfolio. The commercial and industrial loans are highly dependent on the borrowers’ financial condition and therefore are more dependent on economic conditions. The commercial mortgage loans are also dependent on economic conditions but generally have stronger forms of collateral. Management’s assessment of historical loss experience is used as the basis for the general reserve component. Certain qualitative factors are then added to adjust the historical allocation percentage to get the total factor to be applied to performing loans. The following qualitative factors are analyzed: ● Quality of lending policies and procedures and other credit quality indicators ● Levels of and trends in delinquencies ● Trends in volume and terms ● Trends in credit quality ratings ● Changes in management and lending staff ● Economic trends ● Concentrations of credit The Company analyzes its loan portfolio each month to determine the appropriateness of its allowance for loan losses. In calculating the allowance, management will begin by compiling the balance of loans by credit quality for each loan segment in order that allocations can be made in aggregate based on historic losses and qualitative factors. Prior to calculating these aggregate allocations, management will individually evaluate commercial and industrial and commercial mortgage loans for impairment. One-to-four family mortgages and consumer loans are not individually evaluated for impairment and are therefore allocated for in aggregate, unless the loan was subject to a modification or is nonperforming. The loans measured in aggregate are considered to be large groups of smaller-balance homogenous loans and are measured for impairment collectively. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned acquired in settlement of foreclosed loans is carried as a component of other assets at fair value, less estimated costs to sell. Prior to foreclosure, the estimated collectible value of the collateral is evaluated to determine whether a partial charge-off of the loan balance is necessary. After transfer to other real estate owned, any subsequent write-downs are charged against other operating expenses. Direct costs incurred in the foreclosure process and subsequent holding costs incurred on such properties are recorded as expenses of current operations. As of December 31, 2019, and 2018, included with other assets are $45,000, and $138,100, respectively, of property from one-to-four family residential mortgages that were foreclosed on. As of December 31, 2019, foreclosure proceedings have started on one additional one-to-four family residential mortgage with a balance of $76,552 and one additional commercial mortgage with a balance of $607,258. |
Mortgage Servicing Rights (MSRs) | Mortgage Servicing Rights (MSRs) The Company recognizes, as separate assets, rights to service mortgage loans for others, whether the rights are acquired through purchase or after origination and sale of mortgage loans. The Company initially measures MSRs at fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on the present value of estimated future net servicing income. Servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into noninterest income. The Company amortizes these assets on a straight-line basis over the estimated life of the loan which does not differ materially from the proportional amortization method. The Company performs a periodic review for impairment in the carrying value of mortgage servicing rights. Any impairment is recognized through a valuation allowance with a corresponding charge in the statements of net income. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 10 years for furniture, fixtures, and equipment and 40 years for buildings. Expenditures for maintenance and repairs are charged against income as incurred. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from the increase in cash surrender value of the policies, as well as proceeds received in excess of cash surrender values, are included in other income in the statement of net income, and are not subject to income taxes. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws in the period of enactment. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. |
Comprehensive Income | Comprehensive Income Comprehensive income or loss consists of net income or loss and other comprehensive income or loss that includes changes in the unrealized gains and losses on securities available for sale. Additionally, the unrealized gains and losses at the end of the period are recorded in accumulated other comprehensive income (loss) on the balance sheets, net of tax. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. When applicable, a contract is amortized over its term. |
Stock-Based Compensation | Stock-Based Compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize compensation cost net of estimated forfeitures. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. |
Recent Accounting Standards | Recent Accounting Standards On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that among other things, reduce certain reporting requirements for qualifying public companies and define and “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. We intend to take advantage of the benefits of extended transition periods. Accordingly, our financial statements may not be comparable to those of public companies that adopt the new or revised financial accounting standards as of an earlier date. The effective dates of the following recent accounting standards reflect those that relate to non-issuer companies. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU 2017-08 , Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20) On December 31, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and subsequent amendments thereto, which requires the Company to recognize most leases onto the balance sheet. The Company adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including: ● Carry over of historical lease determination and lease classification conclusions ● Carry over of historical initial direct cost balances for existing leases ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $9,353, and operating lease liabilities of $9,353 as of December 31, 2019. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Income Statement. Prior periods were not restated and continue to be presented under legacy GAAP. Disclosures about the Company’s leasing activities are presented in Note 22 – Leases. On January 1, 2019, the Company adopted ASU 2014-09 Revenue from Contracts with Customers Revenue from Contracts with Customers |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Available for Sale | The amortized cost and fair values of securities available for sale are as follows: December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 5,303,817 $ 19,894 $ (42,383 ) $ 5,281,328 Obligations of state and political subdivisions 1,363,535 2,174 (4 ) 1,365,705 Corporate bonds 3,189,510 24,963 (11,907 ) 3,202,566 Total $ 9,856,862 $ 47,031 $ (54,294 ) $ 9,849,599 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 3,883,220 $ 495 $ (18,635 ) $ 3,865,080 Obligations of state and political subdivisions 1,540,053 153 (38,244 ) 1,501,962 Corporate bonds 3,547,246 - (38,511 ) 3,508,735 U.S. treasury securities 192,443 5 (124 ) 192,324 Total $ 9,162,962 $ 653 $ (95,514 ) $ 9,068,101 |
Schedule of Contractual Maturities | Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. December 31, 2019 Amortized Fair Cost Value Due within one year or less $ 174,651 $ 175,491 Due after one year through five years 1,041,207 1,053,899 Due after five years through ten years 3,380,901 3,382,145 Due after ten years 5,260,103 5,238,064 Total $ 9,856,862 $ 9,849,599 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Securities Held To Maturity | |
Schedule of Securities Held to Maturity | The amortized cost and fair values of securities held to maturity are as follows: December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 3,879 $ 53 $ - $ 3,932 Total $ 3,879 $ 53 $ - $ 3,932 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities in government-sponsored entities $ 6,394 $ 84 $ - $ 6,478 Total $ 6,394 $ 84 $ - $ 6,478 |
Schedule of Contractual Maturities | Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, actual lives of these securities could be significantly shorter. December 31, 2019 Amortized Fair Cost Value Due within one year or less $ - $ - Due after one year through five years 2,575 2,590 Due after five years through eight years 1,304 1,342 Total $ 3,879 $ 3,932 |
Unrealized Losses on Securiti_2
Unrealized Losses on Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unrealized Losses On Securities | |
Schedule of Unrealized Loss on Securities | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position: December 31, 2019 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities in government-sponsored entities 3,005,336 (40,992 ) 273,818 (1,391 ) 3,279,154 (42,383 ) Obligations of state and political subdivisions 24,996 (4 ) - - 24,996 (4 ) Corporate bonds 2,068,955 (11,907 ) - - 2,068,955 (11,907 ) Total $ 5,099,287 $ (52,903 ) $ 273,818 $ (1,391 ) $ 5,373,105 $ (54,294 ) December 31, 2018 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. treasury securities $ 159,275 $ (124 ) $ - $ - $ 159,275 $ (124 ) Mortgage-backed securities in government-sponsored entities 3,458,555 (7,806 ) 341,423 (10,829 ) 3,799,978 (18,635 ) Obligations of state and political subdivisions 55,708 (34 ) 1,397,740 (38,210 ) 1,453,448 (38,244 ) Corporate bonds 3,309,271 (37,959 ) 199,464 (552 ) 3,508,735 (38,511 ) Total $ 6,982,809 $ (45,923 ) $ 1,938,627 $ (49,591 ) $ 8,921,436 $ (95,514 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio by Category | The Company’s loan portfolio summarized by category is as follows: December 31, December 31, 2019 2018 Mortgage loans: One-to-four family $ 70,511,775 $ 75,520,850 Commercial 57,117,861 59,494,384 127,629,636 135,015,234 Commercial and industrial 23,990,540 19,166,207 Consumer 5,690,941 5,404,216 157,311,117 159,585,657 Third-party loan acquisition and other net origination costs 147,441 268,101 Discount on loans previously held for sale (163,182 ) (199,176 ) Allowance for loan losses (1,183,261 ) (1,124,925 ) Total $ 156,112,115 $ 158,529,657 |
Schedule of Loan Activity | A summary of loan activity for these principal officers, directors, and their affiliates, is as follows: Years Ended December 31, 2019 2018 Balance, beginning of year $ 1,130,390 $ 917,968 Additions 55,984 484,223 Repayments (187,733 ) (271,801 ) Removals (292,685 ) - Balance, end of year $ 705,956 $ 1,130,390 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Changes in Allowance for Loan Losses and Recorded Investment in Loans | The following tables present, by portfolio segment, the changes in the allowance for loan losses: Year ended Mortgage Commercial Consumer December 31, 2019: One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 Charge-offs (28,268 ) (22,932 ) (50,652 ) (19,385 ) (121,237 ) Recoveries - - 6,073 - 6,073 Provision (credit) 148,819 72,929 (48,373 ) 125 173,500 Ending balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 Year ended Mortgage Commercial Consumer December 31, 2018: One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 513,846 $ 383,535 $ 80,854 $ 63,210 $ 1,041,445 Charge-offs (16,429 ) - (9,270 ) (40,821 ) (66,520 ) Recoveries - - - - - Provision (credit) (74,878 ) 10,365 192,137 22,376 150,000 Ending balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 |
Schedule of Primary Segments of Loan Portfolio | The following tables present the composition of the allowance for loan losses as of December 31, 2019 and 2018, by loan class and segregated by those loans that deemed impaired and those that are not deemed impaired: Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total December 31, 2019 Allowance for loan losses: Loans deemed impaired $ 43,180 $ - $ - $ - $ 43,180 Loans not deemed impaired 499,910 443,897 170,769 25,505 1,140,081 Ending Balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 December 31, 2019 Loans: Loans deemed impaired $ 3,912,297 $ 2,472,890 $ 1,398,286 $ 188,060 $ 7,971,533 Loans not deemed impaired 66,599,478 54,644,971 22,592,254 5,502,881 149,339,584 Ending Balance $ 70,511,775 $ 57,117,861 $ 23,990,540 $ 5,690,941 $ 157,311,117 Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total December 31, 2018 Allowance for loan losses: Loans deemed impaired $ 28,136 $ - $ - $ - $ 28,136 Loans not deemed impaired 394,403 393,900 263,721 44,765 1,096,789 Ending Balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 December 31, 2018 Loans: Loans deemed impaired $ 2,486,210 $ 1,768,845 $ 155,660 $ 1,195 $ 4,411,910 Loans not deemed impaired 73,034,640 57,725,539 19,010,547 5,403,021 155,173,747 Ending Balance $ 75,520,850 $ 59,494,384 $ 19,166,207 $ 5,404,216 $ 159,585,657 |
Schedule of Impaired Loans by Class | The following tables present the recorded investment of impaired loans by class as of December 31, 2019 and 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary: December 31, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no allowance recorded: Mortgage loans: One-to-four family $ 3,753,813 $ 3,785,265 $ - $ 2,211,525 $ 2,211,525 $ - Commercial 2,472,890 2,497,469 - 1,768,845 1,768,845 - Commercial and Industrial 1,398,286 1,465,938 - 155,660 155,660 - Consumer and HELOC 188,060 194,255 - 1,195 1,195 - With an allowance recorded: Mortgage loans: One-to-four family 158,484 158,547 43,180 274,685 274,685 28,136 Commercial - - - - - - Commercial and Industrial - - - - - - Consumer and HELOC - - - - - - Total mortgage loans: One-to-four family 3,912,297 3,943,812 43,180 2,486,210 2,486,210 28,136 Commercial 2,472,890 2,497,469 - 1,768,845 1,768,845 - Commercial and Industrial 1,398,286 1,465,938 - 155,660 155,660 - Consumer and HELOC 188,060 194,255 - 1,195 1,195 - Total $ 7,971,533 $ 8,101,474 $ 43,180 $ 4,411,910 $ 4,411,910 $ 28,136 |
Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income | The following tables presents the average recorded investment and interest income recognized for impaired loans by class for the years ended December 31, 2019 and 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary: Year Ended December 31, 2019 Year Ended December 31, 2018 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 3,130,905 $ 68,271 $ 1,978,510 $ 13,292 Commercial 2,152,058 55,428 1,335,330 14,372 Commercial and industrial 608,240 9,926 116,534 - Consumer and HELOC 14,456 - 30,502 540 With an allowance recorded: Mortgage loans: One-to-four family 162,809 3,110 356,259 8,844 Commercial - - - - Commercial and industrial - - - - Consumer and HELOC - - - - Total mortgage loans: One-to-four family 3,293,714 71,381 2,334,769 22,136 Commercial 2,152,058 55,428 1,335,330 14,372 Commercial and industrial 608,240 9,926 116,534 - Consumer and HELOC 14,456 - 30,502 540 Total $ 6,068,468 $ 136,735 $ 3,817,135 $ 37,048 |
Schedule of Classes of Loan Portfolio by Aging | The following tables present the classes of the loan portfolio summarized by the aging categories: December 31, 2019 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans 90 Days or Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 338,997 $ 856,490 $ 1,799,005 $ 2,994,492 $ 67,517,283 $ 70,511,775 $ - Commercial 280,198 138,256 823,417 1,241,871 55,875,990 57,117,861 645,201 Commercial and industrial 32,261 220,000 - 252,261 23,738,279 23,990,540 - Consumer and HELOC 4,512 - 38,864 43,376 5,647,565 5,690,941 - Total $ 655,968 $ 1,214,746 $ 2,661,286 $ 4,532,000 $ 152,779,117 $ 157,311,117 $ 645,201 December 31, 2018 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans 90 Days or Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 305,412 $ 624,784 $ 1,701,044 $ 2,631,240 $ 72,889,610 $ 75,520,850 $ - Commercial - - 1,094,376 1,094,376 58,400,008 59,494,384 - Commercial and industrial - - 155,660 155,660 19,010,547 19,166,207 - Consumer and HELOC - - 1,195 1,195 5,403,021 5,404,216 - Total $ 305,412 $ 624,784 $ 2,952,275 $ 3,882,471 $ 155,703,186 $ 159,585,657 $ - |
Schedule of Loans on Nonaccrual Status | The following table presents the loans on nonaccrual status, by class: December 31, December 31, 2019 2018 Mortgage loans: One-to-four family $ 2,045,845 $ 2,302,267 Commercial 1,055,876 1,094,376 Commercial and industrial 74,864 155,660 Consumer and HELOC 38,864 1,195 Total $ 3,215,449 $ 3,553,498 |
Schedule of Risk Category of Loans | The risk category of loans by class of loans is as follows: December 31, 2019 December 31, 2018 Mortgage Commercial and Mortgage Commercial and Commercial Industrial Commercial Industrial Loans rated 1 - 5 $ 54,749,767 $ 23,848,823 $ 57,773,482 $ 15,028,078 Loans rated 6 24,658 - - 3,982,469 Loans rated 7 2,343,436 141,717 1,720,902 155,660 Ending balance $ 57,117,861 $ 23,990,540 $ 59,494,384 $ 19,166,207 |
Schedule of Balances of Loans by Class Based on Payment Performance | The following table presents the balances of loans by classes of the loan portfolio based on payment performance: December 31, 2019 December 31, 2018 Mortgage Consumer Mortgage Consumer One-to-Four and One-to-Four and Family HELOC Family HELOC Performing $ 68,465,930 $ 5,652,077 $ 73,218,583 $ 5,403,021 Nonperforming 2,045,845 38,864 2,302,267 1,195 Total $ 70,511,775 $ 5,690,941 $ 75,520,850 $ 5,404,216 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are summarized as follows: December 31, 2019 2018 Land $ 600,000 $ 678,000 Buildings 4,002,853 3,924,853 Furniture and equipment 1,003,014 932,353 Construction in process - - 5,605,867 5,535,206 Accumulated depreciation (1,371,191 ) (1,199,692 ) Total $ 4,234,676 $ 4,335,514 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits: | |
Schedule of Aggregate Maturities of Time Deposits | The aggregate maturities of time deposits in years 2020 through 2024 and thereafter are as follows at December 31, 2019: 2020 31,529,045 2021 21,832,337 2022 13,721,462 2023 6,784,448 2024 6,931,802 Thereafter 13,040,126 $ 93,839,220 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Schedule of Bank's Fixed Rate FHLB Borrowings | The following table shows the Company’s fixed rate FHLB borrowings: December 31, 2019 Weighted- Maturing in Amount Average Rate 2020 $ 7,124,500 2.37 % 2021 8,000,000 2.87 % 2023 4,000,000 1.88 % 2024 and thereafter 12,250,000 2.70 % Total $ 31,374,500 2.56 % December 31, 2018 Weighted- Maturing in Amount Average Rate 2019 $ 6,250,000 2.49 % 2020 7,124,500 2.37 2021 8,000,000 2.87 2025 and thereafter 10,000,000 2.93 Total $ 31,374,500 2.70 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense is summarized as follows: Years Ended December 31, 2019 2018 Currently payable: Federal $ 93,029 $ 32,408 State 18,722 1,317 111,751 33,725 Deferred: Federal (2,727 ) 29,539 (2,727 ) 29,539 Total $ 109,024 $ 63,264 |
Schedule of Components of Deferred Tax Asset | The components of the net deferred tax asset are as follows: December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 248,485 $ 236,234 Premises and equipment - - Accrued interest payable 69,538 53,652 Nonaccrual loan interest 54,045 74,936 Write-down on loans held for sale 34,268 41,827 Net unrealized loss on securities 1,842 20,237 Deferred comp plan 4,444 - Other 8,356 - Gross deferred tax assets 420,978 426,886 Deferred tax liabilities: Mortgage servicing rights (66,768 ) (49,212 ) Premises and equipment (57,255 ) (57,754 ) Other - (7,297 ) Gross deferred tax liabilities (124,023 ) (114,263 ) Net deferred tax asset $ 296,955 $ 312,623 |
Schedule of Reconciliations of Effective Income Tax Rate | Reconciliations of the federal statutory rate to the Company’s effective income tax rate are as follows: Years Ended December 31, 2019 2018 % of % of Amount Pretax Income Amount Pretax Income Provision of statutory rate $ 114,527 21.0 % $ 93,208 21.0 % Tax-exempt interest (4,311 ) (0.8 ) (6,993 ) (1.6 ) State income tax 14,483 2.7 1,040 0.2 Other, net (15,675 ) (2.9 ) (23,991 ) (5.4 ) Actual tax expense and effective rate $ 109,024 20.0 % $ 63,264 14.2 % |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Nonvested Restricted Stock Under Plan | The following tables summarize transactions regarding the restricted stock under the Plan for year ended December 31, 2019. Weighted average Number of grant date price restricted shares per share Non-vested shares at December 31, 2018 - $ - Granted 28,641 7.89 Vested - - Forfeited - - Non-vested shares at December 31, 2019 28,641 7.89 |
Schedule of Stock Option Activity | A summary of the status of the awarded stock options at December 31, 2019, and changes during the year ended December 31, 2019 is presented in the tables and narrative following: Year ended December 31, 2019 Shares Weighted Average Exercise Price Weighted Average Fair Value Outstanding at January 1, 2019 - $ - $ - Granted 71,606 7.89 0.95 Exercised - - - Forfeited - - - Outstanding at December 31, 2019 71,606 7.89 0.95 Exercisable at December 31, 2019 - - - Weighted average of options granted in current year $ 7.89 0.95 |
Schedule of Stock Option Fair Value Assumption | The fair value of each option grant is estimated on the date of grant using the Binomial or Black-Scholes option pricing model with the following assumptions used for grants in the year ended December 31, 2019. Year ended Pricing model assumption ranges December 31,2019 Risk-free interest rate 1.73% - 2.00% Expected lives in years 10 Expected volatility 8.86% - 10.60% Expected forfeiture rate 10.00 % Expected dividend rate 1.50 % |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The Company’s actual capital amounts and ratios are presented in the table below. December 31, December 31, 2019 2018 Amount Ratio Amount Ratio Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 20,888,619 14.00 % $ 20,393,710 14.22 % For capital adequacy purposes 6,714,585 4.50 % 6,453,270 4.50 % To be well capitalized 9,698,845 6.50 % 9,321,390 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 20,888,619 14.00 % $ 20,393,710 14.22 % For capital adequacy purposes 8,952,780 6.00 % 8,604,360 6.00 % To be well capitalized 11,937,040 8.00 % 11,472,480 8.00 % Total capital (to risk-weighted assets) Actual $ 22,071,880 14.79 % $ 21,518,635 15.01 % For capital adequacy purposes 11,937,040 8.00 % 11,472,480 8.00 % To be well capitalized 14,921,300 10.00 % 14,340,600 10.00 % Tier 1 capital (to average assets) Actual $ 20,888,619 10.66 % $ 20,393,710 11.59 % For capital adequacy purposes 7,834,802 4.00 % 7,036,287 4.00 % To be well capitalized 9,793,503 5.00 % 8,795,358 5.00 % The Bank’s actual capital amounts and ratios are presented in the table below. December 31, December 31, 2019 2018 Amount Ratio Amount Ratio Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 17,287,045 11.59 % $ 16,853,358 11.75 % For capital adequacy purposes 6,714,585 4.50 % 6,453,270 4.50 % To be well capitalized 9,698,845 6.50 % 9,321,390 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 17,287,045 11.59 % $ 16,853,358 11.75 % For capital adequacy purposes 8,952,780 6.00 % 8,604,360 6.00 % To be well capitalized 11,937,040 8.00 % 11,472,480 8.00 % Total capital (to risk-weighted assets) Actual $ 18,470,306 12.38 % $ 17,978,283 12.54 % For capital adequacy purposes 11,937,040 8.00 % 11,472,480 8.00 % To be well capitalized 14,921,300 10.00 % 14,340,600 10.00 % Tier 1 capital (to average assets) Actual $ 17,287,045 8.83 % $ 16,853,358 9.58 % For capital adequacy purposes 7,834,797 4.00 % 7,036,287 4.00 % To be well capitalized 9,793,496 5.00 % 8,795,358 5.00 % |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Off-Balance Sheet Commitments | Off-balance sheet commitments consisted of the following: December 31, 2019 2018 Commitments to extend credit $ 2,389,040 $ 2,736,500 Construction unadvanced funds 3,703,529 3,711,319 Unused lines of credit 6,381,590 8,186,512 Letters of Credit 5,163,454 - $ 17,637,613 $ 14,634,331 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Reported on Balance Sheets Fair Value on Recurring Basis | Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. No liabilities were reported at fair value on a recurring basis. December 31, 2019 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 5,281,328 $ - $ 5,281,328 Obligations of state and political subdivisions - 1,365,705 - 1,365,705 Corporate bonds - 3,202,566 - 3,202,566 U.S. treasury securities - - - - Mortgage servicing rights - - 317,939 317,939 Impaired loans with reserve - - 115,304 115,304 December 31, 2018 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities in government-sponsored entities $ - $ 3,865,080 $ - $ 3,865,080 Obligations of state and political subdivisions - 1,501,962 - 1,501,962 Corporate bonds - 3,508,735 - 3,508,735 U.S. treasury securities 192,324 - - 192,324 Mortgage servicing rights - - 234,344 234,344 Impaired loans with reserve - - 246,549 246,549 |
Schedule of Assets Reported on Balance Sheets Fair Value on Nonrecurring Basis | December 31, 2019 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 45,000 $ 45,000 December 31, 2018 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 138,100 $ 138,100 |
Schedule of Significant Unobservable Inputs Used in Fair Value Measurement Process | The following table provides the significant unobservable inputs used in the fair value measurement process for items valued using Level III techniques at December 31, 2019 and 2018: Fair Value at Range December 31, Valuation (Weighted 2019 Valuation Techniques Unobservable Inputs Average) Other real estate owned $ 45,000 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 115,304 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 317,939 Discounted cash flows Loan prepayment speeds 8.49%-10.52% (9.38 )% Fair Value at Range December 31, Valuation (Weighted 2018 Valuation Techniques Unobservable Inputs Average) Other real estate owned $ 138,100 Appraised collateral values Discount for time since appraisal 10 % (10 )% Selling costs 10 % (10 )% Impaired loans with reserve 246,549 Discounted cash flows Discount for evaluation 10 % (10 )% Selling costs 10 % (10 )% Mortgage servicing rights 244,344 Discounted cash flows Loan prepayment speeds 8.49%-10.52% |
Schedule of Estimated Fair Values of Company's Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows: December 31, 2019 Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 21,880,788 $ 21,880,788 $ 21,880,788 $ - $ - Certificates of deposit 2,465,000 2,576,000 - 2,576,000 - Investment securities: Available for sale 9,849,599 9,849,599 - 9,849,599 - Held to maturity 3,879 3,932 - 3,932 - Loans, net 156,112,115 163,239,115 - - 163,239,115 Accrued interest receivable 673,026 673,026 - 673,026 - FHLB Stock 2,924,600 2,924,600 - - 2,924,600 Financial liabilities: Deposits 149,020,729 150,700,557 55,206,337 - 95,494,220 FHLB advances 31,374,500 31,773,500 - 31,773,500 - Accrued interest payable 331,133 331,133 - 331,133 - December 31, 2018 Carrying Fair Value Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 9,034,070 $ 9,034,070 $ 9,034,070 $ - $ - Certificates of deposit 846,000 837,828 - 837,828 - Investment securities: Available for sale 9,068,101 9,068,101 192,324 8,875,777 - Held to maturity 6,394 6,478 - 6,478 - Loans, net 158,529,657 159,275,657 - - 159,275,657 Accrued interest receivable 639,474 639,474 - 639,474 - FHLB Stock 2,651,400 2,651,400 - - 2,651,400 Financial liabilities: Deposits 136,108,766 134,639,766 42,989,629 - 91,650,137 FHLB advances 31,374,500 31,242,500 - 31,242,500 - Accrued interest payable 255,486 255,486 - 255,486 - |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax: Net Unrealized Gain (Loss) on Securities Years ended December 31, 2019 2018 Accumulated other comprehensive income (loss), beginning of period $ (74,623 ) $ (23,487 ) Other comprehensive income (loss) on securities before reclassification, net of tax 107,085 (51,136 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (37,883 ) - Net other comprehensive income (loss) 69,202 (51,136 ) Accumulated other comprehensive income (loss), end of period $ (5,421 ) $ (74,623 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER COMMON SHARE | |
Schedule of Computation of Earnings Per Share | Earnings per common share for the years ended December 31, 2019 and 2018 are presented in the following table: Year ended Year ended December 31, 2019 December 31, 2018 Net Income $ 436,345 $ 380,416 Shares outstanding for basic EPS: Average shares outstanding 2,248,711 2,248,250 Less: Average unearned ESOP shares 81,683 85,928 Shares outstanding for basic EPS 2,167,028 2,162,322 Additional dilutive shares 3,510 - Shares oustanding for diluted EPS 2,170,538 2,162,322 Basic income per share $ 0.20 $ 0.18 Diluted income per share $ 0.20 $ 0.18 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Weighted-Average Lease Term and Discount Rate | The following table presents the weighted-average lease term and discount rate for the leases outstanding at December 31, 2019. Operating Weighted-average remaining term (years) 1.6 Weighted-average discount rate 1.87 % |
Schedule of Undiscounted Cash Flows Due to Operating Leases | The following table presents the undiscounted cash flows due to operating leases as of December 31, 2019, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets: Undiscounted cash flows due: Operating Within 1 year $ 6,000 After 1 year but within 2 years 3,500 After 2 years - Total undiscounted cash flows 9,500 Discount on cash flows (147 ) Total lease liabilities $ 9,353 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Schedule of Point of Revenue Recognition and Income Recognized | The following table summarized the point of revenue recognition and the income recognized for each of the revenue streams for the year ended December 31, 2019: For the years ended December 31, Revenue Streams Point of revenue recognition 2019 2018 Service charges on deposits At a point in time & over time $ 8,660 $ 7,751 Electronic banking fees At a point in time $ 34,818 $ 24,605 Mortgage banking income At a point in time $ 341,757 $ 182,175 Net gain on sale of other real estate owned At a point in time $ 380 $ - |
SSB Bancorp, Inc. (Parent Com_2
SSB Bancorp, Inc. (Parent Company Only) Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 3,639,553 $ 3,512,824 Investment in wholly owned subsidiary 17,281,624 16,819,727 Other assets 4,444 26,536 Total assets $ 20,925,621 $ 20,359,087 Liabilities and stockholders’ equity Other liabilities $ 42,423 $ 40,000 Stockholders’ equity 20,883,198 20,319,087 Total liabilities and stockholders’ equity $ 20,925,621 $ 20,359,087 |
Statements of Income | Statements of Income Year ended December 31, 2019 2018 Income Equity in undistributed income of subsidiary $ 433,687 $ 444,873 Other income 63,504 - Total income 497,191 444,873 Expenses Other expenses 36,331 90,993 Total expense 36,331 90,993 Income before income tax expense 460,860 353,880 Income tax expense (benefit) 24,515 (26,536 ) Net income $ 436,345 $ 380,416 Comprehensive income $ 488,665 $ 329,280 |
Statements of Cash Flows | Statements of Cash Flows Year ended December 31, 2019 2019 2018 Cash flows from operating activities: Net income $ 436,345 $ 380,416 Adjustments to reconcile net income to cash provided by operating activities Equity in undistributed income of subsidiary (433,687 ) (444,873 ) Stock compensation expense 21,161 - Other, net 24,515 13,464 Net cash provided by operating activities 48,334 (50,993 ) Cash flows from financing activities: Proceeds from stock offering - 8,718,527 Refund of offering expenses 1,005 - Proceeds from release of ESOP shares 77,390 Purchase of ESOP shares - (881,310 ) Capitalization of banking subsidiary - (4,273,400 ) Net cash used for financing activities 78,395 3,563,817 Net increase in cash 126,729 3,512,824 Cash, beginning balance 3,512,824 - Cash, ending balance $ 3,639,553 $ 3,512,824 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details Narrative) - $ / shares | Jan. 24, 2018 | Jan. 24, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of common stock share issued | 2,248,250 | |||
Number of shares purchase for employee stock ownership program | 88,131 | 88,131 | ||
Plan of Mutual Holding Company Reorganization and Minority Stock Issuance [Member] | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of common stock share issued | 1,011,712 | |||
Stock price per share | $ 10 | $ 10 | ||
Plan of Mutual Holding Company Reorganization and Minority Stock Issuance [Member] | Employee Stock Option [Member] | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Stock price per share | $ 10 | $ 10 | ||
Number of shares purchase for employee stock ownership program | 88,131 | |||
Plan of Mutual Holding Company Reorganization and Minority Stock Issuance [Member] | Subsidiaries [Member] | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of common stock share issued | 1,236,538 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sale of loans | $ 7,300,000 | |||
Transfer remaining in loans as held for investment | 12,600,000 | |||
Remaining valuation allowance of amortized into interest income | $ 255,000 | |||
Other assets | $ 45,000 | $ 138,100 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Operating right-of-use assets | 9,353 | |||
Operating lease liabilities | $ 9,353 | |||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Estimated useful lives | 3 years | |||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Estimated useful lives | 10 years | |||
Buildings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Estimated useful lives | 40 years | |||
Mortgage Loans Portfolio Segment [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of loans held for sale | $ 6,100,000 | |||
Mortgage Loans Portfolio Segment [Member] | Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amount of loans held for sale | 14,200,000 | |||
Related valuation allowance | $ 371,780 | |||
Mortgage Loans Portfolio Segment [Member] | One To Four Family Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other assets | $ 76,552 | |||
Mortgage Loans Portfolio Segment [Member] | Commercial Mortage Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other assets | 607,258 | |||
Federal Home Loan Bank (FHLB) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Par value of federal home loan bank | $ 100 |
Securities Available for Sale_2
Securities Available for Sale (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale of investment securities | $ 3,471,800 | |
6 Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale of investment securities | 3,471,800 | |
Associated gain on sale of securities available for sale | $ 47,953 | |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | Minimum [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities range in years | 5 years | |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | Maximum [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities range in years | 30 years |
Securities Available for Sale -
Securities Available for Sale - Schedule of Securities Available for Sale (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,856,862 | $ 9,162,962 |
Gross Unrealized Gains | 47,031 | 653 |
Gross Unrealized Losses | (54,294) | (95,514) |
Fair Value | 9,849,599 | 9,068,101 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,303,817 | 3,883,220 |
Gross Unrealized Gains | 19,894 | 495 |
Gross Unrealized Losses | (42,383) | (18,635) |
Fair Value | 5,281,328 | 3,865,080 |
Obligations of State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,363,535 | 1,540,053 |
Gross Unrealized Gains | 2,174 | 153 |
Gross Unrealized Losses | (4) | (38,244) |
Fair Value | 1,365,705 | 1,501,962 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,189,510 | 3,547,246 |
Gross Unrealized Gains | 24,963 | |
Gross Unrealized Losses | (11,907) | (38,511) |
Fair Value | $ 3,202,566 | 3,508,735 |
U.S. Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 192,443 | |
Gross Unrealized Gains | 5 | |
Gross Unrealized Losses | (124) | |
Fair Value | $ 192,324 |
Securities Available for Sale_3
Securities Available for Sale - Schedule of Contractual Maturities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost: Due within one year or less | $ 174,651 | |
Amortized Cost: Due after one year through five years | 1,041,207 | |
Amortized Cost: Due after five years through ten years | 3,380,901 | |
Amortized Cost: Due after ten years | 5,260,103 | |
Amortized Cost: Total | 9,856,862 | $ 9,162,962 |
Fair Value: Due within one year or less | 175,491 | |
Fair Value: Due after one year through five years | 1,053,899 | |
Fair Value: Due after five years through ten years | 3,382,145 | |
Fair Value: Due after ten years | 5,238,064 | |
Fair Value: Total | $ 9,849,599 | $ 9,068,101 |
Securities Held to Maturity (De
Securities Held to Maturity (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | |
Contractual maturities range in years | Contractual maturities ranging from less than a year to 8 years. |
Securities Held to Maturity - S
Securities Held to Maturity - Schedule of Securities Held to Maturity (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3,879 | $ 6,394 |
Gross Unrealized Gains | 53 | 84 |
Gross Unrealized Losses | ||
Fair Value | 3,932 | 6,478 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,879 | 6,394 |
Gross Unrealized Gains | 53 | 84 |
Gross Unrealized Losses | ||
Fair Value | $ 3,932 | $ 6,478 |
Securities Held to Maturity -_2
Securities Held to Maturity - Schedule of Contractual Maturities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 3,879 | $ 6,394 |
Fair Value | 3,932 | 6,478 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, Due within one year or less | ||
Amortized cost, Due after one year through five years | 2,575 | |
Amortized cost, Due after five years through eight years | 1,304 | |
Amortized cost | 3,879 | 6,394 |
Fair Value, Due within one year or less | ||
Fair Value, Due after one year through five years | 2,590 | |
Fair Value, Due after five years through eight years | 1,342 | |
Fair Value | $ 3,932 | $ 6,478 |
Unrealized Losses on Securiti_3
Unrealized Losses on Securities (Details Narrative) | Dec. 31, 2019Integer |
Number of temporarily impaired investments securities | 11 |
Company's Amortized Cost Basis [Member] | |
Threshold limit of aggregate depreciation | 0.60% |
Unrealized Losses on Securiti_4
Unrealized Losses on Securities - Schedule of Unrealized Loss on Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 5,099,287 | $ 6,982,809 |
Less Than Twelve Months, Gross Unrealized Losses | (52,903) | (45,923) |
Twelve Months or Greater, Fair Value | 273,818 | 1,938,627 |
Twelve Months or Greater, Gross Unrealized Losses | (1,391) | (49,591) |
Total, Fair Value | 5,373,105 | 8,921,436 |
Total, Gross Unrealized Losses | (54,294) | (95,514) |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,005,336 | 3,458,555 |
Less Than Twelve Months, Gross Unrealized Losses | (40,992) | (7,806) |
Twelve Months or Greater, Fair Value | 273,818 | 341,423 |
Twelve Months or Greater, Gross Unrealized Losses | (1,391) | (10,829) |
Total, Fair Value | 3,279,154 | 3,799,978 |
Total, Gross Unrealized Losses | (42,383) | (18,635) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 24,996 | 55,708 |
Less Than Twelve Months, Gross Unrealized Losses | (4) | (34) |
Twelve Months or Greater, Fair Value | 1,397,740 | |
Twelve Months or Greater, Gross Unrealized Losses | (38,210) | |
Total, Fair Value | 24,996 | 1,453,448 |
Total, Gross Unrealized Losses | (4) | (38,244) |
Corporate Bonds [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,068,955 | 3,309,271 |
Less Than Twelve Months, Gross Unrealized Losses | (11,907) | (37,959) |
Twelve Months or Greater, Fair Value | 199,464 | |
Twelve Months or Greater, Gross Unrealized Losses | (552) | |
Total, Fair Value | 2,068,955 | 3,508,735 |
Total, Gross Unrealized Losses | $ (11,907) | (38,511) |
U.S. Treasury Securities [Member] | ||
Schedule Of Investment Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 159,275 | |
Less Than Twelve Months, Gross Unrealized Losses | (124) | |
Twelve Months or Greater, Fair Value | ||
Twelve Months or Greater, Gross Unrealized Losses | ||
Total, Fair Value | 159,275 | |
Total, Gross Unrealized Losses | $ (124) |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Consumer loans of home equity | $ 3,659,748 | $ 3,552,786 |
Transfer of loans | $ 9,874,053 | $ 7,508,671 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio by Category (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, Gross | $ 157,311,117 | $ 159,585,657 | |
Third-party loan acquisition and other net origination costs | 147,441 | 268,101 | |
Discount on loans previously held for sale | (163,182) | (199,176) | |
Allowance for loan losses | (1,183,261) | (1,124,925) | $ (1,041,445) |
Total | 156,112,115 | 158,529,657 | |
Mortgage Loans One-to-Four Family [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, Gross | 70,511,775 | 75,520,850 | |
Mortgage Loans Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, Gross | 57,117,861 | 59,494,384 | |
Mortgage Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, Gross | 127,629,636 | 135,015,234 | |
Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, Gross | 23,990,540 | 19,166,207 | |
Allowance for loan losses | (170,769) | (263,721) | $ (80,854) |
Consumer [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, Gross | $ 5,690,941 | $ 5,404,216 |
Loans - Schedule of Loan Activi
Loans - Schedule of Loan Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Balance, beginning of year | $ 1,130,390 | $ 917,968 |
Additions | 55,984 | 484,223 |
Repayments | (187,733) | (271,801) |
Removals | (292,685) | |
Balance, end of year | $ 705,956 | $ 1,130,390 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details Narrative) | 12 Months Ended | |
Dec. 31, 2019USD ($)Integer | Dec. 31, 2018USD ($)Integer | |
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 9 | 3 |
Troubled debt restructuring amount | $ 1,900,000 | |
Recorded investment of all loans modified as troubled debt restructurings | $ 43,180 | $ 1,980 |
One To Four Family Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 1 | 1 |
Troubled debt restructuring modification balance | $ 1,382,136 | $ 145,279 |
Pre and post modification aggregate balance | $ 1,382,136 | $ 146,053 |
Commercial Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 3 | 2 |
Troubled debt restructuring modification balance | $ 156,043 | $ 674,468 |
Pre and post modification aggregate balance | $ 156,647 | $ 678,263 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 1 | |
Troubled debt restructuring modification balance | $ 149,196 | |
Pre and post modification aggregate balance | $ 149,196 | |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 4 | |
Troubled debt restructuring modification balance | $ 1,398,286 | |
Pre and post modification aggregate balance | $ 1,398,286 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Changes in Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | $ 1,124,925 | $ 1,041,445 |
Allowance for loan losses Charge-offs | (121,237) | (66,520) |
Allowance for loan losses Recoveries | 6,073 | |
Allowance for loan losses Provision (credit) | 173,500 | 150,000 |
Allowance for loan losses Ending balance | 1,183,261 | 1,124,925 |
Mortgage One-to-Four Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 422,539 | 513,846 |
Allowance for loan losses Charge-offs | (28,268) | (16,429) |
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 148,819 | (74,878) |
Allowance for loan losses Ending balance | 543,090 | 422,539 |
Mortgage Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 393,900 | 383,535 |
Allowance for loan losses Charge-offs | (22,932) | |
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 72,929 | 10,365 |
Allowance for loan losses Ending balance | 443,897 | 393,900 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 263,721 | 80,854 |
Allowance for loan losses Charge-offs | (50,652) | (9,270) |
Allowance for loan losses Recoveries | 6,073 | |
Allowance for loan losses Provision (credit) | (48,373) | 192,137 |
Allowance for loan losses Ending balance | 170,769 | 263,721 |
Consumer and HELOC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 44,765 | 63,210 |
Allowance for loan losses Charge-offs | (19,385) | (40,821) |
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 125 | 22,376 |
Allowance for loan losses Ending balance | $ 25,505 | $ 44,765 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Schedule of Primary Segments of Loan Portfolio (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | $ 1,183,261 | $ 1,124,925 | $ 1,041,445 |
Loans | 157,311,117 | 159,585,657 | |
Loans Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 43,180 | 28,136 | |
Loans | 7,971,533 | 4,411,910 | |
Loans Not Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 1,140,081 | 1,096,789 | |
Loans | 149,339,584 | 155,173,747 | |
Mortgage One-to-Four Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 543,090 | 422,539 | 513,846 |
Loans | 70,511,775 | 75,520,850 | |
Mortgage One-to-Four Family [Member] | Loans Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 43,180 | 28,136 | |
Loans | 3,912,297 | 2,486,210 | |
Mortgage One-to-Four Family [Member] | Loans Not Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 499,910 | 394,403 | |
Loans | 66,599,478 | 73,034,640 | |
Mortgage Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 443,897 | 393,900 | 383,535 |
Loans | 57,117,861 | 59,494,384 | |
Mortgage Commercial [Member] | Loans Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | |||
Loans | 2,472,890 | 1,768,845 | |
Mortgage Commercial [Member] | Loans Not Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 443,897 | 393,900 | |
Loans | 54,644,971 | 57,725,539 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 170,769 | 263,721 | 80,854 |
Loans | 23,990,540 | 19,166,207 | |
Commercial and Industrial [Member] | Loans Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | |||
Loans | 1,398,286 | 155,660 | |
Commercial and Industrial [Member] | Loans Not Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 170,769 | 263,721 | |
Loans | 22,592,254 | 19,010,547 | |
Consumer and HELOC [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 25,505 | 44,765 | $ 63,210 |
Loans | 5,690,941 | 5,404,216 | |
Consumer and HELOC [Member] | Loans Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | |||
Loans | 188,060 | 1,195 | |
Consumer and HELOC [Member] | Loans Not Deemed Impaired [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses | 25,505 | 44,765 | |
Loans | $ 5,502,881 | $ 5,403,021 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Schedule of Impaired Loans by Class (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 7,971,533 | $ 4,411,910 |
Unpaid Principal Balance | 8,101,474 | 4,411,910 |
Related Allowance | 43,180 | 28,136 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 3,753,813 | 2,211,525 |
With no allowance recorded: Unpaid Principal Balance | 3,785,265 | 2,211,525 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | 158,484 | 274,685 |
With an allowance recorded: Unpaid Principal Balance | 158,547 | 274,685 |
With an allowance recorded: Related Allowance | 43,180 | 28,136 |
Recorded Investment | 3,912,297 | 2,486,210 |
Unpaid Principal Balance | 3,943,812 | 2,486,210 |
Related Allowance | 43,180 | 28,136 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 2,472,890 | 1,768,845 |
With no allowance recorded: Unpaid Principal Balance | 2,497,469 | 1,768,845 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 2,472,890 | 1,768,845 |
Unpaid Principal Balance | 2,497,469 | 1,768,845 |
Related Allowance | ||
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 1,398,286 | 155,660 |
With no allowance recorded: Unpaid Principal Balance | 1,465,938 | 155,660 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 1,398,286 | 155,660 |
Unpaid Principal Balance | 1,465,938 | 155,660 |
Related Allowance | ||
Consumer and HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 188,060 | 1,195 |
With no allowance recorded: Unpaid Principal Balance | 194,255 | 1,195 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 188,060 | 1,195 |
Unpaid Principal Balance | 194,255 | 1,195 |
Related Allowance |
Allowance for Loan Losses - S_4
Allowance for Loan Losses - Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 6,068,468 | $ 3,817,135 |
Interest Income Recognized | 136,735 | 37,048 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 3,130,905 | 1,978,510 |
With no allowance recorded: Interest Income Recognized | 68,271 | 13,292 |
With an allowance recorded: Average Recorded Investment | 162,809 | 356,259 |
With an allowance recorded: Interest Income Recognized | 3,110 | 8,844 |
Average Recorded Investment | 3,293,714 | 2,334,769 |
Interest Income Recognized | 71,381 | 22,136 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 2,152,058 | 1,335,330 |
With no allowance recorded: Interest Income Recognized | 55,428 | 14,372 |
With an allowance recorded: Average Recorded Investment | ||
With an allowance recorded: Interest Income Recognized | ||
Average Recorded Investment | 2,152,058 | 1,335,330 |
Interest Income Recognized | 55,428 | 14,372 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 608,240 | 116,534 |
With no allowance recorded: Interest Income Recognized | 9,926 | |
With an allowance recorded: Average Recorded Investment | ||
With an allowance recorded: Interest Income Recognized | ||
Average Recorded Investment | 608,240 | 116,534 |
Interest Income Recognized | 9,926 | |
Consumer and HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 14,456 | 30,502 |
With no allowance recorded: Interest Income Recognized | 540 | |
With an allowance recorded: Average Recorded Investment | ||
With an allowance recorded: Interest Income Recognized | ||
Average Recorded Investment | 14,456 | 30,502 |
Interest Income Recognized | $ 540 |
Allowance for Loan Losses - S_5
Allowance for Loan Losses - Schedule of Classes of Loan Portfolio by Aging (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 4,532,000 | $ 3,882,471 |
Current | 152,779,117 | 155,703,186 |
Total Loans Receivable | 157,311,117 | 159,585,657 |
90 Days or Greater Still Accruing | ||
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,994,492 | 2,631,240 |
Current | 67,517,283 | 72,889,610 |
Total Loans Receivable | 70,511,775 | 75,520,850 |
90 Days or Greater Still Accruing | ||
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,241,871 | 1,094,376 |
Current | 55,875,990 | 58,400,008 |
Total Loans Receivable | 57,117,861 | 59,494,384 |
90 Days or Greater Still Accruing | ||
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 252,261 | 155,660 |
Current | 23,738,279 | 19,010,547 |
Total Loans Receivable | 23,990,540 | 19,166,207 |
90 Days or Greater Still Accruing | ||
Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 43,376 | 1,195 |
Current | 5,647,565 | 5,403,021 |
Total Loans Receivable | 5,690,941 | 5,404,216 |
90 Days or Greater Still Accruing | ||
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 655,968 | 305,412 |
30 to 59 Days Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 338,997 | 305,412 |
30 to 59 Days Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 280,198 | |
30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 32,261 | |
30 to 59 Days Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,512 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,214,746 | 624,784 |
60 to 89 Days Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 856,490 | 624,784 |
60 to 89 Days Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 138,256 | |
60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 220,000 | |
60 to 89 Days Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,661,286 | 2,952,275 |
90 Days or Greater Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,799,005 | 1,701,044 |
90 Days or Greater Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 823,417 | 1,094,376 |
90 Days or Greater Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 155,660 | |
90 Days or Greater Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 38,864 | $ 1,195 |
Allowance for Loan Losses - S_6
Allowance for Loan Losses - Schedule of Loans on Nonaccrual Status (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 3,215,449 | $ 3,553,498 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 2,045,845 | 2,302,267 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 1,055,876 | 1,094,376 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 74,864 | 155,660 |
Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 38,864 | $ 1,195 |
Allowance for Loan Losses - S_7
Allowance for Loan Losses - Schedule of Risk Category of Loans (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 157,311,117 | $ 159,585,657 |
Mortgage Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 57,117,861 | 59,494,384 |
Mortgage Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 54,749,767 | 57,773,482 |
Mortgage Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 24,658 | |
Mortgage Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 2,343,436 | 1,720,902 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 23,990,540 | 19,166,207 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 23,848,823 | 15,028,078 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 3,982,469 | |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 141,717 | $ 155,660 |
Allowance for Loan Losses - S_8
Allowance for Loan Losses - Schedule of Balances of Loans by Class Based on Payment Performance (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 157,311,117 | $ 159,585,657 |
Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 70,511,775 | 75,520,850 |
Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 5,690,941 | 5,404,216 |
Performing Financial Instruments [Member] | Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 68,465,930 | 73,218,583 |
Performing Financial Instruments [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 5,652,077 | 5,403,021 |
Nonperforming Financial Instruments [Member] | Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 2,045,845 | 2,302,267 |
Nonperforming Financial Instruments [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 38,864 | $ 1,195 |
Premises and Equipment (Details
Premises and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 171,499 | $ 156,968 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment, Gross | $ 5,605,867 | $ 5,535,206 |
Accumulated depreciation | (1,371,191) | (1,199,692) |
Total | 4,234,676 | 4,335,514 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 600,000 | 678,000 |
Buildings [Member] | ||
Property, Plant and Equipment, Gross | 4,002,853 | 3,924,853 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 1,003,014 | 932,353 |
Construction in Process [Member] | ||
Property, Plant and Equipment, Gross |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits: | ||
Time deposits | $ 250,000 | |
Aggregating greater time deposits | $ 12,600,000 | $ 13,900,000 |
Maturities of time deposits | The aggregate maturities of time deposits in years 2020 through 2024 and thereafter | |
Brokered certificates of deposits | $ 29,300,000 | $ 30,700,000 |
Deposits - Schedule of Aggregat
Deposits - Schedule of Aggregate Maturities of Time Deposits (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits: | ||
2020 | $ 31,529,045 | |
2021 | 21,832,337 | |
2022 | 13,721,462 | |
2023 | 6,784,448 | |
2024 | 6,931,802 | |
Thereafter | 13,040,126 | |
Time Deposits | $ 93,839,220 | $ 93,119,137 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) | Dec. 31, 2019USD ($) |
Brokers and Dealers [Abstract] | |
Maximum borrowing capacity | $ 91,252,750 |
Borrowings - Schedule of Bank's
Borrowings - Schedule of Bank's Fixed Rate FHLB Borrowings (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Brokers and Dealers [Abstract] | ||
FHLB borrowings amount, 2019 | $ 6,250,000 | |
FHLB borrowings amount, 2020 | $ 7,124,500 | 7,124,500 |
FHLB borrowings amount, 2021 | 8,000,000 | 8,000,000 |
FHLB borrowings amount, 2023 | 4,000,000 | |
FHLB borrowings amount, 2024, 2025 and thereafter | 12,250,000 | 10,000,000 |
Total | $ 31,374,500 | $ 31,374,500 |
FHLB borrowings Weighted-Average Rate 2019 | 2.49% | |
FHLB borrowings Weighted-Average Rate 2020 | 2.37% | 2.37% |
FHLB borrowings Weighted-Average Rate 2021 | 2.87% | 2.87% |
FHLB borrowings Weighted-Average Rate 2023 | 1.88% | |
FHLB borrowings Weighted-Average Rate, 2024, 2025 and thereafter | 2.70% | 2.93% |
Total | 2.56% | 2.70% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | ||
Income tax examination, likelihood of unfavorable settlement | Greater than 50 percent | |
Income tax interest or penalties |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Current federal | $ 93,029 | $ 32,408 |
Current state | 18,722 | 1,317 |
Total current federal, and state tax expense | 111,751 | 33,725 |
Deferred federal | (2,727) | 29,539 |
Deferred income tax provision (benefit) | (34,064) | (15,546) |
Total | $ 109,024 | $ 63,264 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Asset (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Allowance for loan losses | $ 248,485 | $ 236,234 |
Premises and equipment | ||
Accrued interest payable | 69,538 | 53,652 |
Nonaccrual loan interest | 54,045 | 74,936 |
Write-down on loans held for sale | 34,268 | 41,827 |
Net unrealized loss on securities | 1,842 | 20,237 |
Deferred comp plan | 4,444 | |
Other | 8,356 | |
Gross deferred tax assets | 420,978 | 426,886 |
Mortgage servicing rights | (66,768) | (49,212) |
Premises and equipment | (57,255) | (57,754) |
Other | (7,297) | |
Gross deferred tax liabilities | (124,023) | (114,263) |
Net deferred tax asset | $ 296,955 | $ 312,623 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliations of Effective Income Tax Rate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Provision at statutory rate | $ 114,527 | $ 93,208 |
Tax-exempt interest | (4,311) | (6,993) |
State income tax | 14,483 | 1,040 |
Other, net | (15,675) | (23,991) |
Actual tax expense and effective rate | $ 109,024 | $ 63,264 |
Provision of statutory rate, percentage of pretax income | 21.00% | 21.00% |
Tax-exempt interest, percentage of pretax income | (0.80%) | (1.60%) |
State income tax, percentage of pretax income | 2.70% | 0.20% |
Other, net, percentage of pretax income | (2.90%) | (5.40%) |
Actual tax expense and effective rate, percentage of pretax income | 20.00% | 14.20% |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares purchase for employee stock ownership plan | 88,131 | 88,131 |
ESOP compensation expense | $ 635,000 | |
Compensation expense | $ 36,398 | $ 40,992 |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 20.00% | |
Vesting period | 2 years | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 40.00% | |
Vesting period | 3 years | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 60.00% | |
Vesting period | 4 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 80.00% | |
Vesting period | 5 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 100.00% | |
Vesting period | 6 years |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) - USD ($) | Nov. 20, 2019 | May 23, 2019 | May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Exercise of stock options | |||||
Stock options outstanding were exercisable | |||||
Stock options outstanding not yet exercisable | 71,606 | ||||
Exercise price of stock options | $ 7.89 | ||||
Weighted average remaining contractual life | 10 years | ||||
Pretax compensation expense | $ 36,398 | $ 40,992 | |||
Stock Options [Member] | |||||
Pretax compensation expense | 4,000 | ||||
Unrecognized compensation expense | 57,000 | ||||
Restricted Stock [Member] | |||||
Pretax compensation expense | 17,000 | ||||
Unrecognized compensation expense | $ 209,000 | ||||
2019 Equity Incentive Plan [Member] | |||||
Authorizing the grant of options or restricted stock | 154,229 | ||||
Exercise of stock options | 110,164 | ||||
Maximum number of shares of stock issued as restricted stock awards, restricted stock units, or performances shares | 44,065 | ||||
Stock option, description | The option price at which a granted stock option may be exercised will not be less than 100% of the fair market value per share of common stock on the Grant Date. The maximum term of any option granted under the Plan cannot exceed 10 years. | ||||
Shares of restricted stock and stock options vesting percentage | 20.00% | ||||
2019 Equity Incentive Plan [Member] | Directors [Member] | Stock Options [Member] | |||||
Number of shares awarded | 44,066 | 27,540 | |||
Stock options available to be issued | 38,558 | ||||
2019 Equity Incentive Plan [Member] | Directors [Member] | Restricted Stock [Member] | |||||
Number of shares awarded | 17,626 | 11,015 | |||
Stock options available to be issued | 15,424 |
Stock Compensation Plan - Sched
Stock Compensation Plan - Schedule of Nonvested Restricted Stock Under Plan (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of restricted shares, Non-vested, Beginning | shares | |
Number of restricted shares, Non-vested, Granted | shares | 28,641 |
Number of restricted shares, Non-vested, Vested | shares | |
Number of restricted shares, Non-vested, Forfeited | shares | |
Number of restricted shares, Non-vested, Ending | shares | 28,641 |
Weighted average grant date price per share, Non-vested, Beginning | $ / shares | |
Weighted average grant date price per share, Non-vested, Granted | $ / shares | 7.89 |
Weighted average grant date price per share, Non-vested, Vested | $ / shares | |
Weighted average grant date price per share, Non-vested, Forfeited | $ / shares | |
Weighted average grant date price per share, Non-vested, Ending | $ / shares | $ 7.89 |
Stock Compensation Plan - Sch_2
Stock Compensation Plan - Schedule of Stock Option Activity (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Retirement Benefits [Abstract] | |
Number of shares, Outstanding, Beginning | shares | |
Number of shares, Granted | shares | 71,606 |
Number of shares, Exercised | shares | |
Number of shares, Forfeited | shares | |
Number of shares, Outstanding, Ending | shares | 71,606 |
Number of shares, Exercisable, Ending | shares | |
Weighted Average Exercise Price, Outstanding Beginning | |
Weighted Average Exercise Price, Granted | 7.89 |
Weighted Average Exercise Price, Exercised | |
Weighted Average Exercise Price, Forfeited | |
Weighted Average Exercise Price, Outstanding Ending | 7.89 |
Weighted Average Exercise Price, Exercisable Ending | |
Weighted average exercise price of options granted in current year | 7.89 |
Weighted Average Fair Value, Outstanding Beginning | |
Weighted Average Fair Value, Granted | 0.95 |
Weighted Average Fair Value, Exercised | |
Weighted Average Fair Value, Forfeited | |
Weighted Average Fair Value, Outstanding Ending | 0.95 |
Weighted Average Fair Value, Exercisable Ending | |
Weighted average fair value of options granted in current year | $ 0.95 |
Stock Compensation Plan - Sch_3
Stock Compensation Plan - Schedule of Stock Option Fair Value Assumption (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Risk-free interest rate, minimum | 1.73% |
Risk-free interest rate, maximum | 2.00% |
Expected lives in years | 10 years |
Expected volatility, minimum | 8.86% |
Expected volatility, maximum | 10.60% |
Expected Forfeiture rate | 10.00% |
Expected dividend rate | 1.50% |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Company's Actual Capital and Ratios [Member] | ||
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | $ 20,888,619 | $ 20,393,710 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 14.00% | 14.22% |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 6,714,585 | $ 6,453,270 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 4.50% | 4.50% |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 9,698,845 | $ 9,321,390 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 20,888,619 | $ 20,393,710 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 14.00% | 14.22% |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 8,952,780 | $ 8,604,360 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 6.00% | 6.00% |
Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 11,937,040 | $ 11,472,480 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Actual Amount | $ 22,071,880 | $ 21,518,635 |
Total capital (to risk-weighted assets), Actual Ratio | 14.79% | 15.01% |
Total capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 11,937,040 | $ 11,472,480 |
Total capital (to risk-weighted assets), For capital adequacy purposes Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), To be well capitalized Amount | $ 14,921,300 | $ 14,340,600 |
Total capital (to risk-weighted assets), To be well capitalized Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual Amount | $ 20,888,619 | $ 20,393,710 |
Tier 1 capital (to average assets), Actual Ratio | 10.66% | 11.59% |
Tier 1 capital (to average assets), For capital adequacy purposes Amount | $ 7,834,802 | $ 7,036,287 |
Tier 1 capital (to average assets), For capital adequacy purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), To be well capitalized Amount | $ 9,793,503 | $ 8,795,358 |
Tier 1 capital (to average assets), To be well capitalized Ratio | 5.00% | 5.00% |
Bank's Actual Capital and Ratios [Member] | ||
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | $ 17,287,045 | $ 16,853,358 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 11.59% | 11.75% |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 6,714,585 | $ 6,453,270 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 4.50% | 4.50% |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 9,698,845 | $ 9,321,390 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 17,287,045 | $ 16,853,358 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 11.59% | 11.75% |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 8,952,780 | $ 8,604,360 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 6.00% | 6.00% |
Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 11,937,040 | $ 11,472,480 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Actual Amount | $ 18,470,306 | $ 17,978,283 |
Total capital (to risk-weighted assets), Actual Ratio | 12.38% | 12.54% |
Total capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 11,937,040 | $ 11,472,480 |
Total capital (to risk-weighted assets), For capital adequacy purposes Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), To be well capitalized Amount | $ 14,921,300 | $ 14,340,600 |
Total capital (to risk-weighted assets), To be well capitalized Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual Amount | $ 17,287,045 | $ 16,853,358 |
Tier 1 capital (to average assets), Actual Ratio | 8.83% | 9.58% |
Tier 1 capital (to average assets), For capital adequacy purposes Amount | $ 7,834,797 | $ 7,036,287 |
Tier 1 capital (to average assets), For capital adequacy purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), To be well capitalized Amount | $ 9,793,496 | $ 8,795,358 |
Tier 1 capital (to average assets), To be well capitalized Ratio | 5.00% | 5.00% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Maximum percentage of employer-matching contributions | 3.00% | |
Defined contribution plan, additional employer matching contribution, percent of match | 50.00% | |
Defined contribution plan, additional employer matching contribution percentage | 2.00% | |
Contributions by employer | $ 65,057 | $ 52,608 |
Commitments - Schedule of Off-B
Commitments - Schedule of Off-Balance Sheet Commitments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 17,637,613 | $ 14,634,331 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | 2,389,040 | 2,736,500 |
Construction Unadvanced Funds [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | 3,703,529 | 3,711,319 |
Unused Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | 6,381,590 | 8,186,512 |
Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 5,163,454 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Reported on Balance Sheets Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 9,849,599 | $ 9,068,101 |
Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,281,328 | 3,865,080 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,365,705 | 1,501,962 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,202,566 | 3,508,735 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,324 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,324 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 9,849,599 | 8,875,777 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,281,328 | 3,865,080 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,365,705 | 1,501,962 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,202,566 | 3,508,735 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,324 | |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 317,939 | 234,344 |
Fair Value, Measurements, Recurring [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 115,304 | 246,549 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 192,324 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,281,328 | 3,865,080 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,365,705 | 1,501,962 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,202,566 | 3,508,735 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities in Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 317,939 | 234,344 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 115,304 | $ 246,549 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets Reported on Balance Sheets Fair Value on Nonrecurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 45,000 | $ 138,100 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 45,000 | 138,100 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 45,000 | $ 138,100 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Fair Value Measurement Process (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, Fair Value | $ 45,000 | $ 138,100 |
Impaired loans with reserve, Fair Value | 115,304 | 246,549 |
Mortgage servicing rights, Fair Value | $ 317,939 | $ 244,344 |
Weighted Average [Member] | Valuation Technique Appraised Collateral Values [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average [Member] | Valuation Unobservable Inputs Discount For Time Since Appraisal [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average One [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Two [Member] | Valuation Unobservable Inputs Selling Costs [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Three [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Four [Member] | Valuation Technique Discounted Cash Flows [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Four [Member] | Valuation Unobservable Inputs Discount for Evaluation [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Five [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Six [Member] | Valuation Unobservable Inputs Selling Costs [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Seven [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Eight [Member] | Valuation Technique Discounted Cash Flows [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (9.38%) | (9.69%) |
Weighted Average Eight [Member] | Valuation Technique Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 8.49% | 8.49% |
Weighted Average Eight [Member] | Valuation Technique Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.52% | 10.52% |
Weighted Average Eight [Member] | Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (9.38%) | (9.69%) |
Weighted Average Eight [Member] | Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 8.49% | 8.49% |
Weighted Average Eight [Member] | Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.52% | 10.52% |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Certificates of deposit | $ 2,465,000 | $ 846,000 |
Investment securities: Available for sale | 9,849,599 | 9,068,101 |
Investment securities: Held to maturity | 3,932 | 6,478 |
Investment securities: Accrued interest receivable | 673,026 | 639,474 |
Financial liabilities: Accrued interest payable | 331,133 | 255,486 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 21,880,788 | 9,034,070 |
Financial assets: Certificates of deposit | ||
Investment securities: Available for sale | 192,324 | |
Investment securities: Held to maturity | ||
Investment securities: Loans, net | ||
Investment securities: Accrued interest receivable | ||
Investment securities: FHLB stock | ||
Financial liabilities: Deposits | 55,206,337 | 42,989,629 |
Financial liabilities: FHLB advances | ||
Financial liabilities: Accrued interest payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | ||
Financial assets: Certificates of deposit | 2,576,000 | 837,828 |
Investment securities: Available for sale | 9,849,599 | 8,875,777 |
Investment securities: Held to maturity | 3,932 | 6,478 |
Investment securities: Loans, net | ||
Investment securities: Accrued interest receivable | 673,026 | 639,474 |
Investment securities: FHLB stock | ||
Financial liabilities: Deposits | ||
Financial liabilities: FHLB advances | 31,773,500 | 31,242,500 |
Financial liabilities: Accrued interest payable | 331,133 | 255,486 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | ||
Financial assets: Certificates of deposit | ||
Investment securities: Available for sale | ||
Investment securities: Held to maturity | ||
Investment securities: Loans, net | 163,239,115 | 159,275,657 |
Investment securities: Accrued interest receivable | ||
Investment securities: FHLB stock | 2,924,600 | 2,651,400 |
Financial liabilities: Deposits | 95,494,220 | 91,650,137 |
Financial liabilities: FHLB advances | ||
Financial liabilities: Accrued interest payable | ||
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 21,880,788 | 9,034,070 |
Financial assets: Certificates of deposit | 2,465,000 | 846,000 |
Investment securities: Available for sale | 9,849,599 | 9,068,101 |
Investment securities: Held to maturity | 3,879 | 6,394 |
Investment securities: Loans, net | 156,112,115 | 158,529,657 |
Investment securities: Accrued interest receivable | 673,026 | 639,474 |
Investment securities: FHLB stock | 2,924,600 | 2,651,400 |
Financial liabilities: Deposits | 149,020,729 | 136,108,766 |
Financial liabilities: FHLB advances | 31,374,500 | 31,374,500 |
Financial liabilities: Accrued interest payable | 331,133 | 255,486 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 21,880,788 | 9,034,070 |
Financial assets: Certificates of deposit | 2,576,000 | 837,828 |
Investment securities: Available for sale | 9,849,599 | 9,068,101 |
Investment securities: Held to maturity | 3,932 | 6,478 |
Investment securities: Loans, net | 163,239,115 | 159,275,657 |
Investment securities: Accrued interest receivable | 673,026 | 639,474 |
Investment securities: FHLB stock | 2,924,600 | 2,651,400 |
Financial liabilities: Deposits | 150,700,557 | 134,639,766 |
Financial liabilities: FHLB advances | 31,773,500 | 31,242,500 |
Financial liabilities: Accrued interest payable | $ 331,133 | $ 255,486 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | $ (74,623) | |
Other comprehensive income (loss) on securities before reclassification, net of tax | 135,551 | $ (65,130) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (47,953) | |
Net other comprehensive income (loss) | 69,202 | (51,136) |
Accumulated other comprehensive income (loss), end of period | (5,421) | (74,623) |
Net Unrealized Gain (Loss) on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (74,623) | (23,487) |
Other comprehensive income (loss) on securities before reclassification, net of tax | 107,085 | (51,136) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (37,883) | |
Net other comprehensive income (loss) | 69,202 | (51,136) |
Accumulated other comprehensive income (loss), end of period | $ (5,421) | $ (74,623) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
EARNINGS PER COMMON SHARE | ||
Net Income | $ 436,345 | $ 380,416 |
Average shares outstanding | 2,248,711 | 2,248,250 |
Less: Average unearned ESOP shares | 81,683 | 85,928 |
Shares outstanding for basic EPS | 2,167,028 | 2,162,322 |
Additional dilutive shares | 3,510 | |
Shares outstanding for diluted EPS | 2,170,538 | 2,162,322 |
Basic income per share | $ 0.20 | $ 0.18 |
Diluted income per share | $ 0.20 | $ 0.18 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating leases rental expense | $ 7,156 | $ 2,736 |
Other Assets [Member] | ||
Right-of-use asset | 9,353 | |
Other Liabilities [Member] | ||
Lease liability | $ 9,353 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Lease Term and Discount Rate (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted-average remaining term (years) | 1 year 7 months 6 days |
Weighted-average discount rate | 1.87% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows Due to Operating Leases (Details) - Other Liabilities [Member] | Dec. 31, 2019USD ($) |
Undiscounted cash flows due: Within 1 year | $ 6,000 |
Undiscounted cash flows due: After 1 year but within 2 years | 3,500 |
Undiscounted cash flows due: After 2 years | |
Total undiscounted cash flows | 9,500 |
Discount on cash flows | (147) |
Total lease liabilities | $ 9,353 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Point of Revenue Recognition and Income Recognized (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Service Charges on Deposits [Member] | At Point in Time and Over Time [Member] | ||
Revenue and income recognized | $ 8,660 | $ 24,605 |
Electronic Banking Fees [Member] | At a Point in Time [Member] | ||
Revenue and income recognized | 34,818 | 7,751 |
Mortgage Banking Income [Member] | At a Point in Time [Member] | ||
Revenue and income recognized | 341,757 | 182,175 |
Net Gain on Sale of Other Real Estate Owned [Member] | At a Point in Time [Member] | ||
Revenue and income recognized | $ 380 |
SSB Bancorp, Inc. (Parent Com_3
SSB Bancorp, Inc. (Parent Company Only) Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash | $ 21,880,788 | $ 9,034,070 | |
Other assets | 941,669 | 940,098 | |
Total assets | 202,631,737 | 188,792,345 | |
Other liabilities | 309,988 | 49,311 | |
Stockholders' equity | 20,883,198 | 20,319,087 | $ 12,111,598 |
Total liabilities and stockholders' equity | 202,631,737 | 188,792,345 | |
Parent Company [Member] | |||
Cash | 3,639,553 | 3,512,824 | |
Investment in wholly owned subsidiary | 17,281,624 | 16,819,727 | |
Other assets | 4,444 | 26,536 | |
Total assets | 20,925,621 | 20,359,087 | |
Other liabilities | 42,423 | 40,000 | |
Stockholders' equity | 20,883,198 | 20,319,087 | |
Total liabilities and stockholders' equity | $ 20,925,621 | $ 20,359,087 |
SSB Bancorp, Inc. (Parent Com_4
SSB Bancorp, Inc. (Parent Company Only) Financial Statements - Statements of Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other income | $ 81,148 | $ 64,370 |
Total income | 8,288,442 | 7,018,188 |
Other expenses | 562,615 | 475,663 |
Total expense | 4,489,370 | 3,984,826 |
Income before income tax expense | 545,369 | 443,680 |
Income tax expense (benefit) | 109,024 | 63,264 |
Net income | 436,345 | 380,416 |
Comprehensive income | 505,547 | 329,280 |
Parent Company [Member] | ||
Equity in undistributed income of subsidiary | 433,687 | 444,873 |
Other income | 63,504 | |
Total income | 497,191 | 444,873 |
Other expenses | 36,331 | 90,993 |
Total expense | 36,331 | 90,993 |
Income before income tax expense | 460,860 | 353,880 |
Income tax expense (benefit) | 24,515 | (26,536) |
Net income | 436,345 | 380,416 |
Comprehensive income | $ 488,665 | $ 329,280 |
SSB Bancorp, Inc. (Parent Com_5
SSB Bancorp, Inc. (Parent Company Only) Financial Statements - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 436,345 | $ 380,416 |
Stock compensation expense | 21,161 | |
Other, net | 230,510 | (58,068) |
Net cash provided by operating activities | 1,036,540 | 489,497 |
Proceeds from stock offering | 8,718,527 | |
Refund of offering expenses | 1,005 | |
Purchase of ESOP shares | (881,310) | |
Net cash used for financing activities | 12,939,962 | 17,308,947 |
Net increase in cash | 12,846,718 | (7,443,996) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,034,070 | 16,478,066 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 21,880,788 | 9,034,070 |
Parent Company [Member] | ||
Net income | 436,345 | 380,416 |
Equity in undistributed income of subsidiary | (433,687) | (444,873) |
Stock compensation expense | 21,161 | |
Other, net | 24,515 | 13,464 |
Net cash provided by operating activities | 48,334 | (50,993) |
Proceeds from stock offering | 8,718,527 | |
Refund of offering expenses | 1,005 | |
Proceeds from release of ESOP shares | 77,390 | |
Purchase of ESOP shares | (881,310) | |
Capitalization of banking subsidiary | (4,273,400) | |
Net cash used for financing activities | 78,395 | 3,563,817 |
Net increase in cash | 126,729 | 3,512,824 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,512,824 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 3,639,553 | $ 3,512,824 |