Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 13, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | Cincinnati Bancorp, Inc. | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | CNNB | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,975,625 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001787005 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 2,338,698 | $ 2,348,157 | |
Interest-bearing demand deposits in banks | 10,169,820 | 31,622,109 | |
Federal funds sold | 3,152,000 | 3,765,000 | |
Cash and cash equivalents | 15,660,518 | 37,735,266 | |
Interest-bearing time deposits | 1,750,000 | ||
Available-for-sale securities | 6,243,334 | 6,733,213 | |
Loans held for sale | 9,523,196 | 3,114,081 | |
Loans, net of allowance for loan losses of $1,472,545 and $1,407,545, respectively | 179,951,297 | 179,332,026 | |
Premises and equipment, net | 3,509,366 | 3,354,447 | |
Federal Home Loan Bank stock | 2,731,500 | 2,657,400 | |
Interest receivable | 595,804 | 624,333 | |
Mortgage servicing rights | 1,085,493 | 1,213,815 | |
Federal Home Loan Bank lender risk account receivable | 1,630,122 | 1,713,240 | |
Bank-owned life insurance | 4,108,846 | 4,086,645 | |
Other assets | 810,359 | 1,237,095 | |
Total assets | 227,599,835 | 241,801,561 | |
Deposits | |||
Demand | 29,067,612 | 28,658,432 | |
Savings | 39,825,487 | 37,514,343 | |
Certificates of deposit | 73,954,294 | 77,237,932 | |
Total deposits | 142,847,393 | 143,410,707 | |
Federal Home Loan Bank advances | 43,673,224 | 47,172,066 | |
Stock subscription proceeds in escrow | 23,407,011 | ||
Advances from borrowers for taxes and insurance | 1,302,814 | 1,806,638 | |
Interest payable | 85,407 | 91,636 | |
Directors deferred compensation | 580,699 | 559,295 | |
Other liabilities | 1,199,725 | 1,273,043 | |
Total liabilities | 189,689,262 | 217,720,396 | |
Commitments and Contingent Liabilities | |||
Temporary Equity | |||
ESOP Shares subject to mandatory redemption | 244,327 | ||
Stockholders' Equity | |||
Preferred stock - authorized 1,000,000 shares, $0.01 par value, none issued | 0 | 0 | |
Common stock - authorized 14,000,000 shares, $0.01 par value, 2,975,625 and 2,972,391 issued and outstanding at March 31, 2020 and December 31, 2019 respectively | [1] | 29,756 | 29,607 |
Additional paid-in capital | 23,187,302 | 7,529,850 | |
Unearned ESOP shares | (1,750,797) | (449,313) | |
Retained earnings - substantially restricted | 16,791,634 | 17,017,683 | |
Accumulated other comprehensive loss | (347,322) | (290,989) | |
Total stockholders' equity | 37,910,573 | 23,836,838 | |
Total liabilities, temporary equity, and stockholders' equity | $ 227,599,835 | $ 241,801,561 | |
[1] | Share amounts related to the periods prior to the January 22, 2020 closing of the conversion offering have been restated to give retroactive recognition to the 1.6351 exchange ratio applied in the conversion offering. (see Note 1). |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Condensed Consolidated Balance Sheets | ||
Allowance for loan losses | $ | $ 1,472,545 | $ 1,407,545 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 14,000,000 | 14,000,000 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 2,975,625 | 2,972,391 |
Common Stock, Shares, Outstanding | 2,975,625 | 2,972,391 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Interest and Dividend Income | |||
Loans, including fees | $ 2,011,365 | $ 1,949,112 | |
Securities | 26,718 | 3,730 | |
Dividends on Federal Home Loan Bank stock and other | 85,359 | 79,716 | |
Total interest and dividend income | 2,123,442 | 2,032,558 | |
Interest Expense | |||
Deposits | 503,104 | 447,595 | |
Federal Home Loan Bank advances | 248,382 | 174,486 | |
Total interest expense | 751,486 | 622,081 | |
Net Interest Income | 1,371,956 | 1,410,477 | |
Provision for Loan Losses | 65,000 | ||
Net Interest Income After Provision for Loan Losses | 1,306,956 | 1,410,477 | |
Noninterest Income | |||
Gain on sales of loans | 438,354 | 177,951 | |
Mortgage servicing fees (costs) | (103,514) | 89,711 | |
Other | 192,743 | 185,359 | |
Total noninterest income | 527,583 | 453,021 | |
Noninterest Expense | |||
Salaries and employee benefits | 1,300,774 | 989,831 | |
Occupancy and equipment | 151,066 | 156,869 | |
Directors compensation | 45,750 | 54,060 | |
Data processing | 121,258 | 175,028 | |
Professional fees | 71,729 | 73,765 | |
Franchise tax | 55,658 | 48,771 | |
Deposit insurance premiums | 14,799 | ||
Advertising | 67,639 | 40,281 | |
Software licenses | 32,971 | 28,831 | |
Loan costs | 68,153 | 79,596 | |
Merger-related expenses | 18,000 | ||
Other | 219,005 | 211,683 | |
Total noninterest expense | 2,134,003 | 1,891,514 | |
Loss Before Benefit for Income Taxes | (299,464) | (28,016) | |
Benefit for Income Taxes | (73,415) | (19,915) | |
Net Loss | $ (226,049) | $ (8,101) | |
Loss per common share - basic and diluted | $ (0.08) | ||
Weighted-average shares outstanding - basic and diluted | [1] | 2,875,406 | 2,856,000 |
[1] | Share amounts related to the periods prior to the January 22, 2020 closing of the conversion offering have been restated to give retroactive recognition to the 1.6351 exchange ratio applied in the conversion offering. (see Note 1). |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) | Jan. 22, 2020 |
Condensed Consolidated Statements of Operations | |
Exchange ratio | 1.6351 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Consolidated Statements of Comprehensive Loss | ||
Net Loss | $ (226,049) | $ (8,101) |
Other Comprehensive Income (Loss): | ||
Net unrealized gains (losses) on available-for-sale securities | (58,952) | 759 |
Tax benefit (expense) | 12,380 | (159) |
Changes in directors' retirement plan prior service costs | (12,355) | (10,161) |
Tax benefit | 2,594 | 2,125 |
Other comprehensive loss | (56,333) | (7,436) |
Comprehensive Loss | $ (282,382) | $ (15,537) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018 | $ 29,593 | $ 7,458,745 | $ (494,245) | $ 16,219,209 | $ (252,442) | $ 22,960,860 |
ESOP shares subject to mandatory redemption | (13,306) | (13,306) | ||||
ESOP shares earned | 3,111 | 11,233 | 14,344 | |||
Stock based compensation expense | 25,791 | 25,791 | ||||
Net Loss | (8,101) | (8,101) | ||||
Other comprehensive loss | (7,436) | (7,436) | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2019 | 29,593 | 7,474,341 | (483,012) | 16,211,108 | (259,878) | 22,972,152 |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | 29,607 | 7,529,850 | (449,313) | 17,017,683 | (290,989) | 23,836,838 |
Proceeds from issuance of 1,652,960 shares of common stock (which included 132,237 shares to the ESOP), net of the offering costs of $1.2 million) | 29,756 | 15,577,194 | (1,322,370) | 14,284,580 | ||
Contribution by CF Mutual Holding Company | 50,000 | 50,000 | ||||
Exchange of common stock | (29,607) | (29,607) | ||||
ESOP shares earned | 4,467 | 20,886 | 25,353 | |||
Stock based compensation expense | 25,791 | 25,791 | ||||
Net Loss | (226,049) | (226,049) | ||||
Other comprehensive loss | (56,333) | (56,333) | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020 | $ 29,756 | $ 23,187,302 | $ (1,750,797) | $ 16,791,634 | $ (347,322) | $ 37,910,573 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Condensed Consolidated Statements of Stockholders' Equity | |
Issuance of common stock (in shares) | 1,652,960 |
Shares sold under Employee Stock Ownership Plan | 132,237 |
Offering costs | $ | $ 1.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net loss | $ (226,049) | $ (8,101) |
Items not requiring (providing) cash: | ||
Depreciation and amortization | 52,371 | 47,226 |
Provision for loan losses | 65,000 | |
Amortization of premiums and discounts on securities, net | 7,454 | 2,281 |
Amortization of deferred prepayment penalty on Federal Home Loan Bank advances | 1,158 | 1,157 |
Change in deferred income taxes | 19,586 | 5,941 |
Gain on sale of loans | (438,354) | (177,951) |
Proceeds from the sale of loans held for sale | 23,373,661 | 9,924,329 |
Origination of loans held for sale | (29,344,422) | (12,382,510) |
Earnings on cash surrender value of bank-owned life insurance | (22,201) | (22,913) |
Stock-based compensation expense | 25,791 | 25,791 |
ESOP shares earned | 25,353 | 14,344 |
Changes in: | ||
Interest receivable | 28,529 | (12,688) |
Mortgage servicing rights | 128,322 | (53,787) |
Federal Home Loan Bank lender risk account receivable | 83,118 | 87,990 |
Other assets | 426,736 | (138,129) |
Interest payable | (6,229) | 16,221 |
Other liabilities | (68,879) | (134,852) |
Net cash used in operating activities | (5,869,055) | (2,805,651) |
Investing Activities | ||
Net change in interest-bearing deposits | (1,750,000) | |
Proceeds from maturities of available-for-sale securities | 423,471 | 63,367 |
Purchase of Federal Home Loan Bank stock | (74,100) | |
Net change in loans | (684,271) | (5,116,851) |
Purchase of premises and equipment | (207,290) | (61,820) |
Net cash used in investing activities | (2,292,190) | (5,115,304) |
Financing Activities | ||
Net increase in deposits | (23,970,325) | (1,009,725) |
Proceeds from stock issuance | 14,060,646 | 0 |
Proceeds from Federal Home Loan Bank advances | 24,342,000 | |
Repayment of Federal Home Loan Bank advances | (3,500,000) | (15,143,000) |
Net increase in advances from borrowers for taxes and insurance | (503,824) | (530,977) |
Net cash provided by (used in) financing activities | (13,913,503) | 7,658,298 |
Decrease in Cash and Cash Equivalents | (22,074,748) | (262,657) |
Cash and Cash Equivalents, Beginning of Period | 37,735,266 | 11,089,189 |
Cash and Cash Equivalents, End of Period | 15,660,518 | 10,826,532 |
Supplemental Cash Flows Information | ||
Interest paid | 757,715 | 638,302 |
Real estate acquired in settlement of loans | $ 0 | $ 48,125 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Account Policies | 3 Months Ended |
Mar. 31, 2020 | |
Nature of Operations and Summary of Significant Account Policies | |
Nature of Operations and Summary of Significant Account Policies | NOTE 1: Nature of Operations and Summary of Significant Account Policies Nature of Operations Cincinnati Bancorp (“Bancorp”), the predecessor to Cincinnati Bancorp, Inc. was the mid-tier holding company for Cincinnati Federal (the “Bank”), a federally chartered stock savings and loan association that is primarily engaged in providing a full range of banking and financial services to individual and corporate customers. Our business operations are conducted in the larger Greater Cincinnati/Northern Kentucky metropolitan area which includes Hamilton, Warren, Butler and Clermont Counties in Ohio, Boone, Kenton and Campbell Counties in Kentucky, and Dearborn County, Indiana. On October 14, 2015, the Bank had reorganized into the mutual holding company structure. As part of the reorganization, the Bancorp sold 773,663 shares of common stock at a price of $10.00 per share in a public offering and issued 945,587 shares of common stock to CF Mutual Holding Company, the Bancorp's parent mutual holding company. On December 20, 2019, the Bancorp’s shareholders approved a plan of conversion and reorganization, whereby CF Mutual Holding Company and Cincinnati Bancorp would convert and reorganize from the mutual holding company structure to the stock holding company structure. The conversion and reorganization were completed effective January 22, 2020, whereby Cincinnati Bancorp, Inc., a Maryland corporation and successor to the Bancorp (“Company”), sold a total of 1,652,960 shares of common stock at a price of $10.00 per share in the subscription offering, which included 132,237 shares sold to Cincinnati Federal’s Employee Stock Ownership Plan, and issued 1,322,665 shares of common stock in exchange for the outstanding shares of common stock of the Bancorp owned by stockholders other than CF Mutual Holding Company. The exchange ratio for previously held shares of Cincinnati Bancorp was 1.6351 as applied in the conversion offering. References herein to the “Company” include Cincinnati Bancorp, Inc. and Cincinnati Bancorp before completion of the conversion. The Company is subject to competition from other financial institutions. The Company is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. Revenue Recognition On January 1, 2019 , the Company adopted Accounting Standards Update (ASU) 2014 - 09 "Revenue from Contracts with Customers" (Accounting Standards Codification (ASC) 606 ) and all subsequent ASUs that modified ASC 606. ASC 606 provides that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest income, net securities gains (losses), gains from the sale of mortgage loans and bank-owned life insurance are not included within the scope of ASC 606. For the revenue streams in the scope of ASC 606, service charges on deposits and electronic banking fees, there are no significant judgments related to the amount and timing of revenue recognition. All of the Company's revenue from contracts with customers is recognized within noninterest income. Service charges on deposit accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering and other fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer's account balance. Service charges are recorded in other noninterest income. Interchange income: The Company earns interchange income from cardholder transactions conducted through the various payment networks. Interchange income from cardholder transactions represent a percentage of the underlying transaction value and is recognized daily, concurrently with the transaction processing services provided to the cardholder. The gross amount of these fees is processed through noninterest income. Interchange fees are recorded in other noninterest income. Principles of Consolidation The accompanying condensed consolidated financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 include the accounts of the Company and the Bank. All significant intercompany items have been eliminated. Interim Financial Statements The interim unaudited condensed financial statements as of March 31, 2020, and for the three months ended March 31, 2020 and 2019 are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments contained in these unaudited consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The results of operations for the three months March 31, 2020, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2020, or any other period. The accompanying condensed consolidated financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 should be read in conjunction with the audited financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019 and 2018 contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights, lender reserve account and fair values of financial instruments. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Securities | |
Securities | NOTE 2: Securities Available-for-sale securities are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-Sale Securities: March 31, 2020 (unaudited): Mortgage-backed securities of government sponsored entities $ 6,309,523 $ 166 $ (66,355) $ 6,243,334 December 31, 2019: Mortgage-backed securities of government sponsored entities $ 6,740,450 $ 7,335 $ (14,572) $ 6,733,213 The Company had no sales of investment securities during the three-month periods ended March 31, 2020 and 2019. The Company had not pledged any of its investment securities as of March 31, 2020 or December 31, 2019. The amortized cost and fair value of available-for-sale securities at March 31, 2020 and December 31, 2019, by contractual maturity, if applicable, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties, as is the case with mortgage-backed securities included in the following table: March 31, 2020 December 31, 2019 Amortized Fair Amortized Fair Cost Value Cost Value Mortgage-backed securities of government sponsored entities $ 6,309,523 $ 6,243,334 $ 6,740,450 $ 6,733,213 Certain investments in debt securities have fair values at an amount less than their historical cost. The total fair value of these investments at March 31, 2020 and December 31, 2019 was $6,226,797 and $5,814,388, respectively, which was approximately 99.7% and 86%, respectively, of the Company’s investment portfolio at those respective dates. The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that the individual securities have been in continuous unrealized loss position at March 31, 2020 and December 31, 2019: Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2020: Mortgage-backed securities of government sponsored entities $ 6,036,218 $ (62,225) $ 190,579 $ (4,130) $ 6,226,797 $ (66,355) December 31, 2019: Mortgage-backed securities of government sponsored entities $ 5,582,540 $ (14,154) $ 231,848 $ (418) $ 5,814,388 $ (14,572) |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Allowance for Loan Losses | |
Loans and Allowance for Loan Losses | NOTE 3: Loans and Allowance for Loan Losses Categories of loans at March 31, 2020 and December 31, 2019 include: March 31, December 31, 2020 2019 (Unaudited) One to four family mortgage loans - owner occupied $ 91,359,451 $ 91,919,064 One to four family - investment 13,216,691 12,846,342 Multi-family mortgage loans 37,286,217 36,628,238 Nonresidential mortgage loans 24,340,792 23,377,598 Construction and land loans 6,070,190 5,329,188 Real estate secured lines of credit 10,382,236 10,029,917 Commercial loans 802,454 557,268 Other consumer loans 592,974 863,546 Total loans 184,051,005 181,551,161 Less: Net deferred loan costs (454,319) (482,681) Undisbursed portion of loans 3,081,482 1,294,271 Allowance for loan losses 1,472,545 1,407,545 Net loans $ 179,951,297 $ 179,332,026 The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three months ended March 31, 2020 and 2019 and the year ended December 31, 2019: At or For the Three Months Ended March 31, 2020 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Provision (credit) charged to expense (105,971) 72,679 (43,642) 139,167 11,994 (6,125) 4,993 (8,095) 65,000 Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 218,676 $ 154,898 $ 480,541 $ 416,193 $ 81,451 $ 99,062 $ 16,401 $ 5,323 $ 1,472,545 Ending balance: Individually evaluated for impairment $ 20,722 $ 8,013 $ — $ — $ — $ — $ — $ — $ 28,735 Ending balance: Collectively evaluated for impairment $ 197,954 $ 146,885 $ 480,541 $ 416,193 $ 81,451 $ 99,062 $ 16,401 $ 5,323 $ 1,443,810 Loans: Ending balance $ 91,359,451 $ 13,216,691 $ 37,286,217 $ 24,340,792 $ 6,070,190 $ 10,382,236 $ 802,454 $ 592,974 $ 184,051,005 Ending balance: Individually evaluated for impairment $ 1,109,116 $ 752,219 $ 504,648 $ 52,048 $ — $ 72,565 $ — $ — $ 2,490,596 Ending balance: Collectively evaluated for impairment $ 90,250,335 $ 12,464,472 $ 36,781,569 $ 24,288,744 $ 6,070,190 $ 10,309,671 $ 802,454 $ 592,974 $ 181,560,409 For the Three Months Ended March 31, 2019 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 456,630 $ 123,017 $ 224,384 $ 182,338 $ 100,187 $ 296,873 $ 9,001 $ 12,642 $ 1,405,072 Provision (credit) charged to expense — — — — — — — — — Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 456,630 $ 123,017 $ 224,384 $ 182,338 $ 100,187 $ 296,873 $ 9,001 $ 12,642 $ 1,405,072 At or For the Year Ended December 31, 2019 One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of year $ 456,630 $ 123,017 $ 224,384 $ 182,338 $ 100,187 $ 296,873 $ 9,001 $ 12,642 $ 1,405,072 Provision (credit) charged to expense (117,552) (32,786) 299,799 94,688 (30,730) (191,686) 2,407 860 25,000 Losses charged off (14,431) (8,012) — — — — — (84) (22,527) Recoveries — — — — — — — — — Balance, end of year $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Ending balance: Individually evaluated for impairment $ 20,722 $ 8,013 $ — $ — $ — $ — $ — $ — $ 28,735 Ending balance: Collectively evaluated for impairment $ 303,925 $ 74,206 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,378,810 Loans: Ending balance $ 91,919,064 $ 12,846,342 $ 36,628,238 $ 23,377,598 $ 5,329,188 $ 10,029,917 $ 557,268 $ 863,546 $ 181,551,161 Ending balance: Individually evaluated for impairment $ 1,115,573 $ 760,733 $ 507,066 $ 56,190 $ — $ 81,505 $ — $ — $ 2,521,067 Ending balance: Collectively evaluated for impairment $ 90,803,491 $ 12,085,609 $ 36,121,172 $ 23,321,408 $ 5,329,188 $ 9,948,412 $ 557,268 $ 863,546 $ 179,030,094 The Company has adopted a standard grading system for all loans. Definitions are as follows: Prime (1) loans are of superior quality with excellent credit strength and repayment ability proving a nominal credit risk. Good (2) loans are of above average credit strength and repayment ability proving only a minimal credit risk. Satisfactory (3) loans are of reasonable credit strength and repayment ability proving an average credit risk due to one or more underlying weaknesses. Acceptable (4) loans are of the lowest acceptable credit strength and weakened repayment ability providing a cautionary credit risk due to one or more underlying weaknesses. New borrowers are typically not underwritten within this classification. Special Mention (5) loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Ordinarily, special mention credits have characteristics which corrective management action would remedy. Substandard (6) loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful (7) loans have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current known facts, conditions and values, highly questionable and improbable. Loss (8) loans are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off even though partial recovery may be realized in the future. The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of March 31, 2020 and December 31, 2019: March 31, 2020 (Unaudited) One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 90,726,663 $ 12,495,941 $ 36,915,820 $ 23,790,753 $ 6,070,190 $ 10,224,400 $ 802,454 $ 592,974 $ 181,619,195 Special mention — 541,418 — 550,039 — — — — 1,091,457 Substandard 632,788 179,332 370,397 — — 157,836 — — 1,340,353 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 91,359,451 $ 13,216,691 $ 37,286,217 $ 24,340,792 $ 6,070,190 $ 10,382,236 $ 802,454 $ 592,974 $ 184,051,005 December 31, 2019 One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 91,281,765 $ 12,115,427 $ 36,256,469 $ 22,813,758 $ 5,329,188 $ 9,870,477 $ 557,268 $ 863,546 $ 179,087,898 Special mention — 548,876 — 563,840 — — — — 1,112,716 Substandard 637,299 182,039 371,769 — — 159,440 — — 1,350,547 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 91,919,064 $ 12,846,342 $ 36,628,238 $ 23,377,598 $ 5,329,188 $ 10,029,917 $ 557,268 $ 863,546 $ 181,551,161 Pass portfolio within the tables above consists of loans graded Prime (1) through Acceptable (4). The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the three months ended March 31, 2020. The following tables present the loan portfolio aging analysis of the recorded investment in loans as of March 31, 2020 and December 31, 2019: March 31, 2020 (Unaudited) 90 Days and Total Loans > 30‑59 Days Past 60‑89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ 349,896 $ — $ 110,474 $ 460,370 $ 90,899,081 $ 91,359,451 $ — One to four family - investment — — — — 13,216,691 13,216,691 — Multi-family mortgage loans 297,625 — — 297,625 36,988,592 37,286,217 — Nonresidential mortgage loans — — — — 24,340,792 24,340,792 — Construction & land loans — — — — 6,070,190 6,070,190 — Real estate secured lines of credit 27,759 — — 27,759 10,354,477 10,382,236 — Commercial loans — — — — 802,454 802,454 — Other consumer loans 210,486 — — 210,486 382,488 592,974 — Total $ 885,766 $ — $ 110,474 $ 996,240 $ 183,054,765 $ 184,051,005 $ — December 31, 2019 90 Days and Total Loans > 30‑59 Days Past 60‑89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ — $ — $ 110,934 $ 110,934 $ 91,808,130 $ 91,919,064 $ — One to four family - investment — — — — 12,846,342 12,846,342 — Multi-family mortgage loans — — — — 36,628,238 36,628,238 — Nonresidential mortgage loans — — — — 23,377,598 23,377,598 — Construction & land loans — — — — 5,329,188 5,329,188 — Real estate secured lines of credit 97,679 — — 97,679 9,932,238 10,029,917 — Commercial loans — — — — 557,268 557,268 — Other consumer loans — — — — 863,546 863,546 — Total $ 97,679 $ — $ 110,934 $ 208,613 $ 181,342,548 $ 181,551,161 $ — A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310, Receivables ), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans and also include loans modified in troubled debt restructurings (“TDRs”). The following tables present impaired loans at March 31, 2020, March 31, 2019 and December 31, 2019: March 31, 2020 (Unaudited) Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,048,425 $ 1,048,425 $ — $ 1,051,353 $ 13,131 One- to four-family - investment 370,006 370,006 — 372,052 6,092 Multi-family mortgage loans 504,648 504,648 — 505,914 9,231 Nonresidential mortgage loans 52,048 52,048 — 54,030 773 Construction & land loans — — — — — Real estate secured lines of credit 72,565 72,565 — 79,250 1,302 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans 60,691 81,413 20,722 81,548 274 One- to four-family - investment 382,213 390,225 8,013 392,357 5,647 Multi-family mortgage loans — — — — — Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,490,596 $ 2,519,330 $ 28,735 $ 2,536,504 $ 36,450 March 31, 2019 (Unaudited) Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 915,699 $ 915,699 $ — $ 917,488 $ 8,043 One- to four-family - investment 311,555 311,555 — 313,561 4,713 Multi-family mortgage loans 513,276 513,276 — 513,940 7,027 Nonresidential mortgage loans 147,414 147,414 — 149,226 1,233 Construction & land loans — — — — — Real estate secured lines of credit 47,160 47,160 — 48,036 709 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans — — — — — One- to four-family - investment 379,301 412,985 33,684 415,757 5,497 Multi-family mortgage loans 106,045 115,100 9,055 115,632 1,878 Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,420,450 $ 2,463,189 $ 42,739 $ 2,473,640 $ 29,100 December 31, 2019 Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,054,515 $ 1,054,515 $ — $ 1,077,076 $ 52,394 One- to four-family - investment 374,389 374,389 — 383,268 21,191 Multi-family mortgage loans 507,066 507,066 — 510,866 43,647 Nonresidential mortgage loans 56,190 56,190 — 75,260 4,583 Construction & land loans — — — — — Real estate secured lines of credit 81,505 81,505 — 86,326 5,416 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans 61,058 81,780 20,722 79,941 1,170 One- to four-family - investment 386,344 394,357 8,013 401,718 19,965 Multi-family mortgage loans — — — — — Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,521,067 $ 2,549,802 $ 28,735 $ 2,614,455 $ 148,366 Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis. The following table presents the nonaccrual loans at March 31, 2020 and December 31, 2019. This table excludes accruing TDRs, which totaled $1,436,000 and $1,445,000 at March 31, 2020 and December 31, 2019, respectively. March 31, December 31, 2020 2019 (Unaudited) One- to four-family mortgage loans $ 110,474 $ 110,934 One to four family - investment — — Multi-family mortgage loans — — Nonresidential mortgage loans — — Construction and land loans — — Real estate secured lines of credit — — Commercial loans — — Other consumer loans — — Total $ 110,474 $ 110,934 At March 31, 2020, the Company had one loan with a balance of $2,400 that was modified in a TDR and that was impaired. There were no newly classified TDRs at March 31, 2020. The following table presents the new classified TDR’s at December 31, 2019: December 31, 2019 Pre-Modification Post-Modification Number of Recorded Recorded Loans Balance Balance Mortgage loans on real estate: Residential 1-4 family - owner occupied 3 $ 266,418 $ 240,926 Residential 1-4 family - investment — — — Multifamily — — — Nonresidential mortgage loans — — — Construction & land loans — — — Construction & land loans — — — Real estate secured lines of credit 1 — 40,627 Commercial loans — — — Consumer loans — — — 4 $ 266,418 $ 281,553 Newly classified TDRs, by type of modification, are as follows for December 31, 2019: December 31, 2019 Interest Only Term Combination Total Modification Mortgage loans on real estate: Residential 1-4 family - owner occupied $ — $ — $ 240,926 $ 240,926 Residential 1-4 family - investment — — — — Multifamily — — — — Nonresidential mortgage loans — — — — Construction & land loans — — — — Real estate secured lines of credit 40,627 — — 40,627 Commercial loans — — — — Consumer loans — — — — $ 40,627 $ — $ 240,926 $ 281,553 There were no TDRs modified during the three months ended March 31, 2020 that subsequently defaulted. As of March 31, 2020, borrowers with loans designated as TDRs totaling $931,000 of residential real estate loans and $505,000 of multifamily loans, met the criteria for placement back on accrual status. This criteria is a minimum of six consecutive months of payment performance under existing or modified terms. As of March 31, 2020, the Company had no performing TDRs that did not meet the criteria for placement back on accrual status. There were no foreclosed real estate properties at March 31, 2020 or December 31, 2019. There was one consumer mortgage loan in process of foreclosure at March 31, 2020 with a total net loan balance of $51,600. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share | |
Earnings Per Share | NOTE 4: Earnings Per Common Share Basic earnings per common share (“EPS”) excludes dilution and is calculated by dividing net income applicable to common stock by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (“ ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted EPS calculations until they are committed to be released. The computations for the three month periods ended March 31, 2020 and 2019 are as follows: Three Months March 31, 2020 2019 (Unaudited) Net loss $ (226,049) $ (8,101) Less allocation of net loss to participating securities — — Net loss allocated to common shareholders (226,049) (8,101) Shares outstanding for basic loss per share: Shares issued 2,949,432 2,936,819 Less: Average unearned ESOP shares 74,026 80,820 Weighted-average shares outstanding - basic 2,875,406 2,855,999 Basic loss per common share $ (0.08) $ — Effect of dilutive securities: Weighted-average shares outstanding - basic 2,875,406 2,855,999 Stock options — — Weighted-average shares outstanding - diluted 2,855,999 Diluted loss per share $ (0.08) $ — |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Matters | |
Regulatory Matters | NOTE 5: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures 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. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier I capital (as defined) to risk-weighted assets (as defined) and of Tier I capital to average assets (as defined). Management believes that, as of March 31, 2020 and December 31, 2019, the Bank met all capital adequacy requirements to which it was subject at such dates. Effective January 1, 2015, new regulatory capital requirements commonly referred to as ‘Basel III” were implemented and are reflected below. Management opted out of the accumulated comprehensive income treatment under the new requirements, and as such unrealized gains and losses from available-for-sale securities will continue to be excluded from regulatory capital. The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer was phased in from 0.0% for 2015 to 2.50% by 2019. The capital conservation buffer was 2.50% at March 31, 2020. As of the most recent notification from the Office of the Comptroller of the Currency, the Bank was categorized as "well-capitalized" under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. Management believes that no conditions or events have occurred since the last notification that would change the Bank’s category. The Bank’s actual capital amounts and ratios are also presented in the following table: Minimum to Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of March 31, 2020 (Unaudited) Total risk-based capital (to risk-weighted assets) $ 32,599 20.1 % $ 12,948 8.0 % $ 16,185 10.0 % Tier I capital (to risk-weighted assets) 31,126 19.2 % 9,711 6.0 % 12,948 8.0 % Common Equity Tier I capital (to risk-weighted assets) 31,126 19.2 % 7,283 4.5 % 10,520 6.5 % Tier I capital (to adjusted total assets) 31,126 13.6 % 9,180 4.0 % 11,475 5.0 % As of December 31, 2019 Total risk-based capital (to risk-weighted assets) $ 24,898 16.3 % $ 12,204 8.0 % $ 15,255 10.0 % Tier I capital (to risk-weighted assets) 23,490 15.4 % 9,153 6.0 % 12,204 8.0 % Common Equity Tier I capital (to risk-weighted assets) 23,490 15.4 % 6,865 4.5 % 9,916 6.5 % Tier I capital (to adjusted total assets) 23,490 10.2 % 9,183 4.0 % 11,478 5.0 % |
Disclosure About Fair Values of
Disclosure About Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure About Fair Values of Assets and Liabilities | |
Disclosure About Fair Values of Assets and Liabilities | NOTE 6: Disclosure About Fair Values of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full-term of the assets or liabilities. Level 3 Unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities. Recurring Measurements The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 and December 31, 2019: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2020 (Unaudited) Mortgage-backed securities of government sponsored entities $ 6,243,334 $ — $ 6,243,334 $ — Mortgage servicing rights 1,085,493 — — 1,085,493 December 31, 2019 Mortgage-backed securities of government sponsored entities $ 6,733,213 $ — $ 6,733,213 $ — Mortgage servicing rights 1,213,815 — — 1,213,815 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 and Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Mortgage Servicing Rights Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of loan balance, weighted average coupon, weighted average maturity, escrow payments, servicing fees, prepayment speeds, float, cost to service, ancillary income, and discount rate. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. Mortgage servicing rights are tested for impairment. Management measures mortgage servicing rights through use of a third-party independent valuation. Inputs to the model are reviewed by management. The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs: Three Months Ended March 31, 2020 2019 (Unaudited) Fair value as of the beginning of the period $ 1,213,815 $ 1,252,740 Recognition of mortgage servicing rights on the sale of loans 41,532 19,154 Change in fair value due to changes in valuation inputs or assumptions used in the valuation model (169,854) 34,633 Fair value at the end of the period $ 1,085,493 $ 1,306,527 Mortgage servicing rights are carried on the balance sheet at fair value and the changes in fair value are reported in other noninterest income in the period in which the changes occur. Nonrecurring Measurements The Company had one collateral-dependent loan measured at fair value on a nonrecurring basis with a balance of $51,568 at both March 31, 2020 and December 31, 2019. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2020 and December 31, 2019: Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) March 31, 2020 (Unaudited) Mortgage servicing rights $ 1,085,493 Discounted cash flow Discount rate PSA prepayment speeds 10% 110-230% Impaired loans (collateral dependent) $ 51,568 Market comparable properties Marketability discount 10%-15% 12% December 31, 2019 Mortgage servicing rights $ Discounted cash flow Discount rate PSA prepayment speeds 10% 89%‑173% Impaired loans (collateral dependent) $ Market comparable properties Marketability discount 10%-15% 12% Fair Value of Financial Instruments The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value. Cash and cash equivalents, Federal Home Loan Bank Stock and Interest Receivable The carrying amount approximates fair value. Loans Held for Sale Fair value of loans held for sale is based on quoted market prices, where available, or is determined by discounting estimated cash flows using interest rates approximating the Company’s current origination rates for similar loans and adjusted to reflect the inherent credit risk. Loans The estimated fair value of loans as of March 31, 2020 follows the guidance in ASU 2016-01, which prescribes an "exit price" in estimating and disclosing the fair value of financial instruments. The fair value calculation at that date discounted estimated cash flows using rates that incorporated discounts for credit, liquidity and marketability factors. Federal Home Loan Bank Lender Risk Account Receivable The fair value of the Federal Home Loan Bank lender risk account receivable is estimated by discounting the estimated remaining cash flows of each strata of the receivable at current rates applicable to each strata for the same remaining maturities. Deposits Deposits include demand deposits and savings accounts. The fair value is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of a similar structure. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank Advances Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Fair value of long-term debt is based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market. If a quoted market price is not available, an expected present value technique is used to estimate fair value. Advances from Borrowers for Taxes and Insurance and Interest Payable The carrying amount approximates fair value. Commitments to Originate Loans, Forward Sale Commitments, Letters of Credit and Lines of Credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of forward sale commitments is estimated based on current market prices for loans of similar terms and credit quality. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. At March 31, 2020 and December 31, 2019, the fair value of commitments was not material. The following table presents estimated fair values of the Company’s financial instruments not previously presented at March 31, 2020 and December 31, 2019: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) March 31, 2020 (Unaudited) Financial Assets: Cash and cash equivalents $ 15,660,518 $ 15,660,518 $ — $ — Interest-bearing time deposits 1,750,000 — 1,750,000 — Loans held for sale 9,523,196 — 9,768,660 — Loans, net of allowance for loan losses 179,951,297 — — 178,421,711 Federal Home Loan Bank stock 2,731,500 — 2,731,500 — Interest receivable 595,804 — 595,804 — Federal Home Loan Bank lender risk account receivable 1,630,122 — — 1,866,762 Financial Liabilities: Deposits 142,847,393 68,893,099 76,149,428 — Federal Home Loan Bank advances 43,673,224 — 45,521,783 — Advances from borrowers for taxes and insurance 1,302,814 — 1,302,814 — Interest payable 85,407 — 85,407 — December 31, 2019 Financial Assets: Cash and cash equivalents $ 37,735,266 $ 37,735,266 $ — $ — Loans held for sale 3,114,081 — 3,178,068 — Loans, net of allowance for loan losses 179,332,026 — — 175,117,724 Federal Home Loan Bank stock 2,657,400 — 2,657,400 — Interest receivable 624,333 — 624,333 — Federal Home Loan Bank lender risk account receivable 1,713,240 — — 1,820,707 Financial Liabilities: Deposits 143,410,707 66,172,775 78,065,313 — Federal Home Loan Bank advances 47,172,066 — 47,707,920 — Stock subscription proceeds in escrow 23,407,011 23,407,011 — Advances from borrowers for taxes and insurance 1,806,638 — 1,806,638 — Interest payable 91,636 — 91,636 — |
Commitments and Credit Risk
Commitments and Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Credit Risk | |
Commitments and Credit Risk | NOTE 7: Commitments and Credit Risk Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Forward sale commitments are commitments to sell groups of residential mortgage loans that the Company originates or purchases as part of its mortgage banking activities. The Company commits to sell the loans at specified prices in a future period. These commitments are acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale since the Company is exposed to interest rate risk during the period between issuing a loan commitment and the sale of the loan into the secondary market. Commitments to fund fixed rate loans at March 31, 2020 and December 31, 2019, were as follows: March 31, 2020 December 31, 2019 (Unaudited) Interest Rate Interest Rate Amount Range Amount Range Commitments to fund fixed-rate loans $ 33,437,170 2.75 % - 3.875 % $ 3,917,445 % - 5.125 % Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. Loan commitments outstanding at March 31, 2020 and December 31, 2019, including commitments for fixed-rate loans shown above, were composed of the following: March 31, December 31, 2019 2019 (Unaudited) Commitments to originate loans for portfolio $ 674,000 $ 761,055 Forward sale commitments 42,960,366 7,031,526 Lines of credit 16,876,597 16,840,828 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | NOTE 8: Accumulated Other Comprehensive Loss The components of other comprehensive loss, net of tax, included in stockholders’ equity at March 31, 2020 and December 31, 2019 are as follows: March 31, December 31, 2020 2019 (Unaudited) Net unrealized loss on available for sale securities $ (66,189) $ (7,237) Directors' retirement plan (373,459) (361,104) (439,648) (368,341) Tax benefit (92,326) (77,352) Net of tax amount $ (347,322) $ (290,989) |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2020 | |
Equity Incentive Plan | |
Equity Incentive Plan | NOTE 9: Equity Incentive Plan In May 2017, the Company’s stockholders approved the Cincinnati Bancorp 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan authorizes the issuance or delivery to participants of up to 192,843 shares of the Company’s common stock pursuant to the grants of restricted stock awards, restricted stock unit awards, incentive stock options, and non-qualified stock options. Of this number, the maximum number of shares of Company common stock that may be issued under the 2017 Plan pursuant to the exercise of stock options is 137,745 shares and the maximum number of shares of Company common stock that may be issued as restricted stock awards or restricted stock units is 55,098 shares. Stock options awarded to employees may be incentive stock options or non-qualified stock options. Shares subject to award under the 2017 Plan may be authorized but unissued shares or treasury shares. The 2017 Plan contains annual and lifetime limits on certain types of awards to individual participants. Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award. Stock options and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the 2017 Plan). In June 2017, the Company granted stock options for 129,478 shares to members of the Board of Directors and certain members of management. Options granted in June 2017 have an exercise price of $5.84, as determined on the grant date and expire ten years from the grant date. Activity in the stock option plan was as follows for the three months ended March 31, 2020 and 2019: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Shares Exercise Price (Years) Value March 31, 2020 (Unaudited) Outstanding, beginning of period 118,458 $ 5.84 7.50 $ 521,618 Granted — — Exercised — — Forfeited — — Outstanding, end of period 118,458 $ 5.84 7.25 $ 273,638 Exercisable, end of period 47,383 $ 5.84 7.25 $ 109,455 March 31, 2019 Outstanding, beginning of period (1) 129,479 $ 5.84 8.50 $ 194,008 Granted — — Exercised — — Forfeited — — Outstanding, end of period 129,479 $ 5.84 $ 293,072 Exercisable, end of period 25,896 $ 5.84 $ 58,614 (1) Share amounts related to periods prior to the January 22, 2020 closing of the conversion offering have been restated to give retroactive recognition to the 1.6351 exchange ratio applied in the conversion offering. (see Note 1). In June 2017, the Company awarded 55,098 restricted shares to members of the Board of Directors and certain members of management. The restricted stock awards have a five year vesting period. Shares of restricted stock granted to employees under the 2017 Plan are subject to vesting based on continuous employment for a specified time period following the date of grant. During the restricted period, the holder is entitled to full voting rights and dividends, thus are considered participating securities. Total compensation cost recognized in the income statement for share-based payment arrangements during the three months ended March 31, 2020 and 2019,was $25,791 and $25,791, respectively. As of March 31, 2020, there was approximately $232,100 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Plan, which is expected to be recognized over a weighted-average period of 2.25 years. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | NOTE 11: Recent Accounting Pronouncements Cincinnati Bancorp, Inc. is an “emerging growth company.” As an “emerging growth company”, we have elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to the financial statements of public companies that comply with such new or revised accounting standards. FASB ASU 2016‑13, Measurement of Credit Losses on Financial Instruments (Topic 326) In June 2016, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update ("ASU”) No. 2016‑13, Measurement of Credit Losses on Financial Instruments. This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016‑13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. On October 16, 2019, FASB approved a final ASU delaying the effective date of ASU No. 2016-13 for certain companies. No. 2016‑13 is effective for public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers that are not small reporting companies, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations and currently does not know or cannot reasonably quantify the impact of the adoption of the amendments as a result of the complexity and extensive changes from these amendments. The Allowance for Loan Losses (ALL) estimate is material to the Company and given the change from an incurred loss model to a methodology that considers the credit loss over the life of the loan, there is the potential for an increase in the ALL at adoption date. The Company is anticipating a significant change in the processes and procedures to calculate the ALL, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for the other-than-temporary impairment on available-for-sale securities will be replaced with an allowance approach. The Company continues collecting and retaining historical loan and credit data. The Company is in the process of identifying data gaps. Certain CECL models are currently being evaluated. The Audit Committee is informed of ongoing CECL developments. For additional information on the allowance for loan losses, see Note 4. FASB ASU 2016‑02, Leases (Topic 842) ASU No. 2016‑02 was issued in February 2016 and requires a lessee to recognize in the statement of financial position a liability to make lease payments (“the lease liability”) and a right to use the underlying asset for the lease term, initially measured at the present value of the lease payments. When measuring assets and liabilities arising from a lease, the lessee should include payments to be made in optional periods only if the lessee is reasonably certain, as defined, to exercise an option to the lease or not to exercise an option to terminate the lease. Optional payments to purchase the underlying asset should be included if the lessee is reasonably certain it will exercise the purchase option. Most variable lease payments should be excluded except for those that depend on an index or a rate or are in substance fixed payments. A lessee shall classify a lease as a finance lease if it meets any of the five listed criteria: a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. c. The lease term is for the major part of the remaining economic life of the underlying asset. d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset. e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. For finance leases, a lessee shall recognize in the statement of income interest on the lease liability separately from the amortization of the right-of-use asset. Amortization of the right-to-use asset shall be on a straight-line basis, unless another basis is more representative of the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits. If the lease does not meet any of the five criteria, the lessee shall classify it as an operating lease and shall recognize a single lease cost on a straight line basis over the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. On October 16, 2019, FASB approved a final ASU delaying the effective date for nonpublic business entities. Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, with certain practical expedients available. The impact is not expected to have a material effect on the Company’s consolidated financial position or results of operations since the Company does not have a material amount of lease agreements. FASB ASU 2016‑01 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued Accounting Standards Update ("ASU”) 2016‑01, Recognition and Measurement of Financial Assets and Financial Liabilities. For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016‑01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For private companies the new guidance becomes effective for fiscal years beginning after December 15, 2018, and for interim periods within fiscal years beginning after December 15, 2019. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Adoption of ASU 2016-01 did not have a significant impact on the Company's fair value and other disclosure requirements. For additional information on fair value of assets and liabilities, see Note 6. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Nature of Operations and Summary of Significant Account Policies | |
Nature of Operations | Nature of Operations Cincinnati Bancorp (“Bancorp”), the predecessor to Cincinnati Bancorp, Inc. was the mid-tier holding company for Cincinnati Federal (the “Bank”), a federally chartered stock savings and loan association that is primarily engaged in providing a full range of banking and financial services to individual and corporate customers. Our business operations are conducted in the larger Greater Cincinnati/Northern Kentucky metropolitan area which includes Hamilton, Warren, Butler and Clermont Counties in Ohio, Boone, Kenton and Campbell Counties in Kentucky, and Dearborn County, Indiana. On October 14, 2015, the Bank had reorganized into the mutual holding company structure. As part of the reorganization, the Bancorp sold 773,663 shares of common stock at a price of $10.00 per share in a public offering and issued 945,587 shares of common stock to CF Mutual Holding Company, the Bancorp's parent mutual holding company. On December 20, 2019, the Bancorp’s shareholders approved a plan of conversion and reorganization, whereby CF Mutual Holding Company and Cincinnati Bancorp would convert and reorganize from the mutual holding company structure to the stock holding company structure. The conversion and reorganization were completed effective January 22, 2020, whereby Cincinnati Bancorp, Inc., a Maryland corporation and successor to the Bancorp (“Company”), sold a total of 1,652,960 shares of common stock at a price of $10.00 per share in the subscription offering, which included 132,237 shares sold to Cincinnati Federal’s Employee Stock Ownership Plan, and issued 1,322,665 shares of common stock in exchange for the outstanding shares of common stock of the Bancorp owned by stockholders other than CF Mutual Holding Company. The exchange ratio for previously held shares of Cincinnati Bancorp was 1.6351 as applied in the conversion offering. References herein to the “Company” include Cincinnati Bancorp, Inc. and Cincinnati Bancorp before completion of the conversion. The Company is subject to competition from other financial institutions. The Company is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. |
Revenue Recognition | Revenue Recognition On January 1, 2019 , the Company adopted Accounting Standards Update (ASU) 2014 - 09 "Revenue from Contracts with Customers" (Accounting Standards Codification (ASC) 606 ) and all subsequent ASUs that modified ASC 606. ASC 606 provides that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest income, net securities gains (losses), gains from the sale of mortgage loans and bank-owned life insurance are not included within the scope of ASC 606. For the revenue streams in the scope of ASC 606, service charges on deposits and electronic banking fees, there are no significant judgments related to the amount and timing of revenue recognition. All of the Company's revenue from contracts with customers is recognized within noninterest income. Service charges on deposit accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering and other fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer's account balance. Service charges are recorded in other noninterest income. Interchange income: The Company earns interchange income from cardholder transactions conducted through the various payment networks. Interchange income from cardholder transactions represent a percentage of the underlying transaction value and is recognized daily, concurrently with the transaction processing services provided to the cardholder. The gross amount of these fees is processed through noninterest income. Interchange fees are recorded in other noninterest income. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 include the accounts of the Company and the Bank. All significant intercompany items have been eliminated. |
Interim Financial Statements | Interim Financial Statements The interim unaudited condensed financial statements as of March 31, 2020, and for the three months ended March 31, 2020 and 2019 are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments contained in these unaudited consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The results of operations for the three months March 31, 2020, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2020, or any other period. The accompanying condensed consolidated financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 should be read in conjunction with the audited financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019 and 2018 contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. |
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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights, lender reserve account and fair values of financial instruments. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Securities | |
Schedule of Available-for-sale Securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-Sale Securities: March 31, 2020 (unaudited): Mortgage-backed securities of government sponsored entities $ 6,309,523 $ 166 $ (66,355) $ 6,243,334 December 31, 2019: Mortgage-backed securities of government sponsored entities $ 6,740,450 $ 7,335 $ (14,572) $ 6,733,213 The amortized cost and fair value of available-for-sale securities at March 31, 2020 and December 31, 2019, by contractual maturity, if applicable, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties, as is the case with mortgage-backed securities included in the following table: March 31, 2020 December 31, 2019 Amortized Fair Amortized Fair Cost Value Cost Value Mortgage-backed securities of government sponsored entities $ 6,309,523 $ 6,243,334 $ 6,740,450 $ 6,733,213 |
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that the individual securities have been in continuous unrealized loss position at March 31, 2020 and December 31, 2019: Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2020: Mortgage-backed securities of government sponsored entities $ 6,036,218 $ (62,225) $ 190,579 $ (4,130) $ 6,226,797 $ (66,355) December 31, 2019: Mortgage-backed securities of government sponsored entities $ 5,582,540 $ (14,154) $ 231,848 $ (418) $ 5,814,388 $ (14,572) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Allowance for Loan Losses | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Categories of loans at March 31, 2020 and December 31, 2019 include: March 31, December 31, 2020 2019 (Unaudited) One to four family mortgage loans - owner occupied $ 91,359,451 $ 91,919,064 One to four family - investment 13,216,691 12,846,342 Multi-family mortgage loans 37,286,217 36,628,238 Nonresidential mortgage loans 24,340,792 23,377,598 Construction and land loans 6,070,190 5,329,188 Real estate secured lines of credit 10,382,236 10,029,917 Commercial loans 802,454 557,268 Other consumer loans 592,974 863,546 Total loans 184,051,005 181,551,161 Less: Net deferred loan costs (454,319) (482,681) Undisbursed portion of loans 3,081,482 1,294,271 Allowance for loan losses 1,472,545 1,407,545 Net loans $ 179,951,297 $ 179,332,026 |
Schedule of Allowance for Credit Losses on Financing Receivables | The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three months ended March 31, 2020 and 2019 and the year ended December 31, 2019: At or For the Three Months Ended March 31, 2020 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Provision (credit) charged to expense (105,971) 72,679 (43,642) 139,167 11,994 (6,125) 4,993 (8,095) 65,000 Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 218,676 $ 154,898 $ 480,541 $ 416,193 $ 81,451 $ 99,062 $ 16,401 $ 5,323 $ 1,472,545 Ending balance: Individually evaluated for impairment $ 20,722 $ 8,013 $ — $ — $ — $ — $ — $ — $ 28,735 Ending balance: Collectively evaluated for impairment $ 197,954 $ 146,885 $ 480,541 $ 416,193 $ 81,451 $ 99,062 $ 16,401 $ 5,323 $ 1,443,810 Loans: Ending balance $ 91,359,451 $ 13,216,691 $ 37,286,217 $ 24,340,792 $ 6,070,190 $ 10,382,236 $ 802,454 $ 592,974 $ 184,051,005 Ending balance: Individually evaluated for impairment $ 1,109,116 $ 752,219 $ 504,648 $ 52,048 $ — $ 72,565 $ — $ — $ 2,490,596 Ending balance: Collectively evaluated for impairment $ 90,250,335 $ 12,464,472 $ 36,781,569 $ 24,288,744 $ 6,070,190 $ 10,309,671 $ 802,454 $ 592,974 $ 181,560,409 For the Three Months Ended March 31, 2019 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 456,630 $ 123,017 $ 224,384 $ 182,338 $ 100,187 $ 296,873 $ 9,001 $ 12,642 $ 1,405,072 Provision (credit) charged to expense — — — — — — — — — Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 456,630 $ 123,017 $ 224,384 $ 182,338 $ 100,187 $ 296,873 $ 9,001 $ 12,642 $ 1,405,072 At or For the Year Ended December 31, 2019 One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of year $ 456,630 $ 123,017 $ 224,384 $ 182,338 $ 100,187 $ 296,873 $ 9,001 $ 12,642 $ 1,405,072 Provision (credit) charged to expense (117,552) (32,786) 299,799 94,688 (30,730) (191,686) 2,407 860 25,000 Losses charged off (14,431) (8,012) — — — — — (84) (22,527) Recoveries — — — — — — — — — Balance, end of year $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Ending balance: Individually evaluated for impairment $ 20,722 $ 8,013 $ — $ — $ — $ — $ — $ — $ 28,735 Ending balance: Collectively evaluated for impairment $ 303,925 $ 74,206 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,378,810 Loans: Ending balance $ 91,919,064 $ 12,846,342 $ 36,628,238 $ 23,377,598 $ 5,329,188 $ 10,029,917 $ 557,268 $ 863,546 $ 181,551,161 Ending balance: Individually evaluated for impairment $ 1,115,573 $ 760,733 $ 507,066 $ 56,190 $ — $ 81,505 $ — $ — $ 2,521,067 Ending balance: Collectively evaluated for impairment $ 90,803,491 $ 12,085,609 $ 36,121,172 $ 23,321,408 $ 5,329,188 $ 9,948,412 $ 557,268 $ 863,546 $ 179,030,094 |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of March 31, 2020 and December 31, 2019: March 31, 2020 (Unaudited) One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 90,726,663 $ 12,495,941 $ 36,915,820 $ 23,790,753 $ 6,070,190 $ 10,224,400 $ 802,454 $ 592,974 $ 181,619,195 Special mention — 541,418 — 550,039 — — — — 1,091,457 Substandard 632,788 179,332 370,397 — — 157,836 — — 1,340,353 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 91,359,451 $ 13,216,691 $ 37,286,217 $ 24,340,792 $ 6,070,190 $ 10,382,236 $ 802,454 $ 592,974 $ 184,051,005 December 31, 2019 One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 91,281,765 $ 12,115,427 $ 36,256,469 $ 22,813,758 $ 5,329,188 $ 9,870,477 $ 557,268 $ 863,546 $ 179,087,898 Special mention — 548,876 — 563,840 — — — — 1,112,716 Substandard 637,299 182,039 371,769 — — 159,440 — — 1,350,547 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 91,919,064 $ 12,846,342 $ 36,628,238 $ 23,377,598 $ 5,329,188 $ 10,029,917 $ 557,268 $ 863,546 $ 181,551,161 |
Schedule of Past Due Financing Receivables | The following tables present the loan portfolio aging analysis of the recorded investment in loans as of March 31, 2020 and December 31, 2019: March 31, 2020 (Unaudited) 90 Days and Total Loans > 30‑59 Days Past 60‑89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ 349,896 $ — $ 110,474 $ 460,370 $ 90,899,081 $ 91,359,451 $ — One to four family - investment — — — — 13,216,691 13,216,691 — Multi-family mortgage loans 297,625 — — 297,625 36,988,592 37,286,217 — Nonresidential mortgage loans — — — — 24,340,792 24,340,792 — Construction & land loans — — — — 6,070,190 6,070,190 — Real estate secured lines of credit 27,759 — — 27,759 10,354,477 10,382,236 — Commercial loans — — — — 802,454 802,454 — Other consumer loans 210,486 — — 210,486 382,488 592,974 — Total $ 885,766 $ — $ 110,474 $ 996,240 $ 183,054,765 $ 184,051,005 $ — December 31, 2019 90 Days and Total Loans > 30‑59 Days Past 60‑89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ — $ — $ 110,934 $ 110,934 $ 91,808,130 $ 91,919,064 $ — One to four family - investment — — — — 12,846,342 12,846,342 — Multi-family mortgage loans — — — — 36,628,238 36,628,238 — Nonresidential mortgage loans — — — — 23,377,598 23,377,598 — Construction & land loans — — — — 5,329,188 5,329,188 — Real estate secured lines of credit 97,679 — — 97,679 9,932,238 10,029,917 — Commercial loans — — — — 557,268 557,268 — Other consumer loans — — — — 863,546 863,546 — Total $ 97,679 $ — $ 110,934 $ 208,613 $ 181,342,548 $ 181,551,161 $ — |
Schedule of Impaired Financing Receivables | The following tables present impaired loans at March 31, 2020, March 31, 2019 and December 31, 2019: March 31, 2020 (Unaudited) Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,048,425 $ 1,048,425 $ — $ 1,051,353 $ 13,131 One- to four-family - investment 370,006 370,006 — 372,052 6,092 Multi-family mortgage loans 504,648 504,648 — 505,914 9,231 Nonresidential mortgage loans 52,048 52,048 — 54,030 773 Construction & land loans — — — — — Real estate secured lines of credit 72,565 72,565 — 79,250 1,302 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans 60,691 81,413 20,722 81,548 274 One- to four-family - investment 382,213 390,225 8,013 392,357 5,647 Multi-family mortgage loans — — — — — Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,490,596 $ 2,519,330 $ 28,735 $ 2,536,504 $ 36,450 March 31, 2019 (Unaudited) Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 915,699 $ 915,699 $ — $ 917,488 $ 8,043 One- to four-family - investment 311,555 311,555 — 313,561 4,713 Multi-family mortgage loans 513,276 513,276 — 513,940 7,027 Nonresidential mortgage loans 147,414 147,414 — 149,226 1,233 Construction & land loans — — — — — Real estate secured lines of credit 47,160 47,160 — 48,036 709 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans — — — — — One- to four-family - investment 379,301 412,985 33,684 415,757 5,497 Multi-family mortgage loans 106,045 115,100 9,055 115,632 1,878 Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,420,450 $ 2,463,189 $ 42,739 $ 2,473,640 $ 29,100 December 31, 2019 Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,054,515 $ 1,054,515 $ — $ 1,077,076 $ 52,394 One- to four-family - investment 374,389 374,389 — 383,268 21,191 Multi-family mortgage loans 507,066 507,066 — 510,866 43,647 Nonresidential mortgage loans 56,190 56,190 — 75,260 4,583 Construction & land loans — — — — — Real estate secured lines of credit 81,505 81,505 — 86,326 5,416 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans 61,058 81,780 20,722 79,941 1,170 One- to four-family - investment 386,344 394,357 8,013 401,718 19,965 Multi-family mortgage loans — — — — — Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,521,067 $ 2,549,802 $ 28,735 $ 2,614,455 $ 148,366 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the nonaccrual loans at March 31, 2020 and December 31, 2019. This table excludes accruing TDRs, which totaled $1,436,000 and $1,445,000 at March 31, 2020 and December 31, 2019, respectively. March 31, December 31, 2020 2019 (Unaudited) One- to four-family mortgage loans $ 110,474 $ 110,934 One to four family - investment — — Multi-family mortgage loans — — Nonresidential mortgage loans — — Construction and land loans — — Real estate secured lines of credit — — Commercial loans — — Other consumer loans — — Total $ 110,474 $ 110,934 |
Schedule of Troubled Debt Restructurings | There were no newly classified TDRs at March 31, 2020. The following table presents the new classified TDR’s at December 31, 2019: December 31, 2019 Pre-Modification Post-Modification Number of Recorded Recorded Loans Balance Balance Mortgage loans on real estate: Residential 1-4 family - owner occupied 3 $ 266,418 $ 240,926 Residential 1-4 family - investment — — — Multifamily — — — Nonresidential mortgage loans — — — Construction & land loans — — — Construction & land loans — — — Real estate secured lines of credit 1 — 40,627 Commercial loans — — — Consumer loans — — — 4 $ 266,418 $ 281,553 Newly classified TDRs, by type of modification, are as follows for December 31, 2019: December 31, 2019 Interest Only Term Combination Total Modification Mortgage loans on real estate: Residential 1-4 family - owner occupied $ — $ — $ 240,926 $ 240,926 Residential 1-4 family - investment — — — — Multifamily — — — — Nonresidential mortgage loans — — — — Construction & land loans — — — — Real estate secured lines of credit 40,627 — — 40,627 Commercial loans — — — — Consumer loans — — — — $ 40,627 $ — $ 240,926 $ 281,553 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share | |
Schedule of Weighted Average Number of Shares | Three Months March 31, 2020 2019 (Unaudited) Net loss $ (226,049) $ (8,101) Less allocation of net loss to participating securities — — Net loss allocated to common shareholders (226,049) (8,101) Shares outstanding for basic loss per share: Shares issued 2,949,432 2,936,819 Less: Average unearned ESOP shares 74,026 80,820 Weighted-average shares outstanding - basic 2,875,406 2,855,999 Basic loss per common share $ (0.08) $ — Effect of dilutive securities: Weighted-average shares outstanding - basic 2,875,406 2,855,999 Stock options — — Weighted-average shares outstanding - diluted 2,855,999 Diluted loss per share $ (0.08) $ — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Matters | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s actual capital amounts and ratios are also presented in the following table: Minimum to Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of March 31, 2020 (Unaudited) Total risk-based capital (to risk-weighted assets) $ 32,599 20.1 % $ 12,948 8.0 % $ 16,185 10.0 % Tier I capital (to risk-weighted assets) 31,126 19.2 % 9,711 6.0 % 12,948 8.0 % Common Equity Tier I capital (to risk-weighted assets) 31,126 19.2 % 7,283 4.5 % 10,520 6.5 % Tier I capital (to adjusted total assets) 31,126 13.6 % 9,180 4.0 % 11,475 5.0 % As of December 31, 2019 Total risk-based capital (to risk-weighted assets) $ 24,898 16.3 % $ 12,204 8.0 % $ 15,255 10.0 % Tier I capital (to risk-weighted assets) 23,490 15.4 % 9,153 6.0 % 12,204 8.0 % Common Equity Tier I capital (to risk-weighted assets) 23,490 15.4 % 6,865 4.5 % 9,916 6.5 % Tier I capital (to adjusted total assets) 23,490 10.2 % 9,183 4.0 % 11,478 5.0 % |
Disclosure About Fair Values _2
Disclosure About Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure About Fair Values of Assets and Liabilities | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 and December 31, 2019: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2020 (Unaudited) Mortgage-backed securities of government sponsored entities $ 6,243,334 $ — $ 6,243,334 $ — Mortgage servicing rights 1,085,493 — — 1,085,493 December 31, 2019 Mortgage-backed securities of government sponsored entities $ 6,733,213 $ — $ 6,733,213 $ — Mortgage servicing rights 1,213,815 — — 1,213,815 |
Schedule of Fair Value, Assets Measured on Recurring Schedule of Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs: Three Months Ended March 31, 2020 2019 (Unaudited) Fair value as of the beginning of the period $ 1,213,815 $ 1,252,740 Recognition of mortgage servicing rights on the sale of loans 41,532 19,154 Change in fair value due to changes in valuation inputs or assumptions used in the valuation model (169,854) 34,633 Fair value at the end of the period $ 1,085,493 $ 1,306,527 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2020 and December 31, 2019: Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) March 31, 2020 (Unaudited) Mortgage servicing rights $ 1,085,493 Discounted cash flow Discount rate PSA prepayment speeds 10% 110-230% Impaired loans (collateral dependent) $ 51,568 Market comparable properties Marketability discount 10%-15% 12% December 31, 2019 Mortgage servicing rights $ Discounted cash flow Discount rate PSA prepayment speeds 10% 89%‑173% Impaired loans (collateral dependent) $ Market comparable properties Marketability discount 10%-15% 12% |
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings | The following table presents estimated fair values of the Company’s financial instruments not previously presented at March 31, 2020 and December 31, 2019: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) March 31, 2020 (Unaudited) Financial Assets: Cash and cash equivalents $ 15,660,518 $ 15,660,518 $ — $ — Interest-bearing time deposits 1,750,000 — 1,750,000 — Loans held for sale 9,523,196 — 9,768,660 — Loans, net of allowance for loan losses 179,951,297 — — 178,421,711 Federal Home Loan Bank stock 2,731,500 — 2,731,500 — Interest receivable 595,804 — 595,804 — Federal Home Loan Bank lender risk account receivable 1,630,122 — — 1,866,762 Financial Liabilities: Deposits 142,847,393 68,893,099 76,149,428 — Federal Home Loan Bank advances 43,673,224 — 45,521,783 — Advances from borrowers for taxes and insurance 1,302,814 — 1,302,814 — Interest payable 85,407 — 85,407 — December 31, 2019 Financial Assets: Cash and cash equivalents $ 37,735,266 $ 37,735,266 $ — $ — Loans held for sale 3,114,081 — 3,178,068 — Loans, net of allowance for loan losses 179,332,026 — — 175,117,724 Federal Home Loan Bank stock 2,657,400 — 2,657,400 — Interest receivable 624,333 — 624,333 — Federal Home Loan Bank lender risk account receivable 1,713,240 — — 1,820,707 Financial Liabilities: Deposits 143,410,707 66,172,775 78,065,313 — Federal Home Loan Bank advances 47,172,066 — 47,707,920 — Stock subscription proceeds in escrow 23,407,011 23,407,011 — Advances from borrowers for taxes and insurance 1,806,638 — 1,806,638 — Interest payable 91,636 — 91,636 — |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Credit Risk | |
Schedule Of Commitments | Commitments to fund fixed rate loans at March 31, 2020 and December 31, 2019, were as follows: March 31, 2020 December 31, 2019 (Unaudited) Interest Rate Interest Rate Amount Range Amount Range Commitments to fund fixed-rate loans $ 33,437,170 2.75 % - 3.875 % $ 3,917,445 % - 5.125 % |
Schedule Of Loans And Lending Commitments | Loan commitments outstanding at March 31, 2020 and December 31, 2019, including commitments for fixed-rate loans shown above, were composed of the following: March 31, December 31, 2019 2019 (Unaudited) Commitments to originate loans for portfolio $ 674,000 $ 761,055 Forward sale commitments 42,960,366 7,031,526 Lines of credit 16,876,597 16,840,828 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of other comprehensive loss, net of tax, included in stockholders’ equity at March 31, 2020 and December 31, 2019 are as follows: March 31, December 31, 2020 2019 (Unaudited) Net unrealized loss on available for sale securities $ (66,189) $ (7,237) Directors' retirement plan (373,459) (361,104) (439,648) (368,341) Tax benefit (92,326) (77,352) Net of tax amount $ (347,322) $ (290,989) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Incentive Plan | |
Schedule of Activity in Stock Option Plan | Activity in the stock option plan was as follows for the three months ended March 31, 2020 and 2019: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Shares Exercise Price (Years) Value March 31, 2020 (Unaudited) Outstanding, beginning of period 118,458 $ 5.84 7.50 $ 521,618 Granted — — Exercised — — Forfeited — — Outstanding, end of period 118,458 $ 5.84 7.25 $ 273,638 Exercisable, end of period 47,383 $ 5.84 7.25 $ 109,455 March 31, 2019 Outstanding, beginning of period (1) 129,479 $ 5.84 8.50 $ 194,008 Granted — — Exercised — — Forfeited — — Outstanding, end of period 129,479 $ 5.84 $ 293,072 Exercisable, end of period 25,896 $ 5.84 $ 58,614 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details) | Jan. 22, 2020$ / sharesshares | Oct. 14, 2015$ / sharesshares | Mar. 31, 2020shares |
Nature of Operations And Summary of Significant Policies [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,652,960 | 1,652,960 | |
Share Price | $ / shares | $ 10 | $ 10 | |
Exchange ratio | 1.6351 | ||
Shares sold under Employee Stock Ownership Plan | 132,237 | 132,237 | |
Issuance of stock in exchange for outstanding shares | 1,322,665 | ||
IPO [Member] | |||
Nature of Operations And Summary of Significant Policies [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 773,663 | ||
CF Mutual Company Holding [Member] | IPO [Member] | |||
Nature of Operations And Summary of Significant Policies [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 945,587 |
Securities- Amortized cost and
Securities- Amortized cost and gross unrealized gains and losses (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Fair Value | $ 6,243,334 | $ 6,733,213 |
Mortgage-backed Securities of Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 6,309,523 | 6,740,450 |
Gross Unrealized Gains | 166 | 7,335 |
Gross Unrealized Losses | (66,355) | (14,572) |
Fair Value | $ 6,243,334 | $ 6,733,213 |
Securities- Amortized cost an_2
Securities- Amortized cost and fair value (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Fair Value | $ 6,243,334 | $ 6,733,213 |
Mortgage-backed Securities of Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 6,309,523 | 6,740,450 |
Fair Value | $ 6,243,334 | $ 6,733,213 |
Securities - Continuous unreali
Securities - Continuous unrealized loss position (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Total Fair Value | $ 6,226,797 | $ 5,814,388 |
Mortgage-backed Securities of Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities | ||
Less than 12 Months Fair Value | 6,036,218 | 5,582,540 |
Less than 12 Months Unrealized Losses | (62,225) | (14,154) |
12 Months or More Fair Value | 190,579 | 231,848 |
12 Months or More Unrealized Losses | (4,130) | (418) |
Total Fair Value | 6,226,797 | 5,814,388 |
Total Unrealized Losses | $ (66,355) | $ (14,572) |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)item | Mar. 31, 2019item | Dec. 31, 2019USD ($) | |
Amortized Cost and Fair Value Debt Securities | |||
Number of sales of investment securities | item | 0 | 0 | |
Total fair value | $ | $ 6,226,797 | $ 5,814,388 | |
Percentage of total investment portfolio fair value | 99.70% | 86.00% |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Categories (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 184,051,005 | $ 181,551,161 |
Net deferred loan costs | 454,319 | 482,681 |
Undisbursed portion of loans | (3,081,482) | (1,294,271) |
Allowance for loan losses | (1,472,545) | (1,407,545) |
Net loans | 179,951,297 | 179,332,026 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 91,359,451 | 91,919,064 |
One To Four Family Investment Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13,216,691 | 12,846,342 |
Multi-Family Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 37,286,217 | 36,628,238 |
Nonresidential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 24,340,792 | 23,377,598 |
Construction & Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,070,190 | 5,329,188 |
Real Estate Secured Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 10,382,236 | 10,029,917 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 802,454 | 557,268 |
Other Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 592,974 | $ 863,546 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Allowance for loan losses activity and recorded investment in loan by segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for loan losses: | |||
Balance, beginning of period | $ 1,407,545 | $ 1,405,072 | $ 1,405,072 |
Provision (credit) charged to expense | 65,000 | 25,000 | |
Losses charged off | 0 | (22,527) | |
Balance, end of period | 1,472,545 | 1,405,072 | 1,407,545 |
Ending balance: Individually evaluated for impairment | 28,735 | 28,735 | |
Ending balance: Collectively evaluated for impairment | 1,443,810 | 1,378,810 | |
Loans: | |||
Ending balance | 184,051,005 | 181,551,161 | |
Ending balance: Individually evaluated for impairment | 2,490,596 | 2,521,067 | |
Ending balance: Collectively evaluated for impairment | 181,560,409 | 179,030,094 | |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 324,647 | 456,630 | 456,630 |
Provision (credit) charged to expense | (105,971) | (117,552) | |
Losses charged off | 0 | (14,431) | |
Balance, end of period | 218,676 | 456,630 | 324,647 |
Ending balance: Individually evaluated for impairment | 20,722 | 20,722 | |
Ending balance: Collectively evaluated for impairment | 197,954 | 303,925 | |
Loans: | |||
Ending balance | 91,359,451 | 91,919,064 | |
Ending balance: Individually evaluated for impairment | 1,109,116 | 1,115,573 | |
Ending balance: Collectively evaluated for impairment | 90,250,335 | 90,803,491 | |
One To Four Family Investment Mortgage Loans [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 82,219 | 123,017 | 123,017 |
Provision (credit) charged to expense | 72,679 | (32,786) | |
Losses charged off | 0 | (8,012) | |
Balance, end of period | 154,898 | 123,017 | 82,219 |
Ending balance: Individually evaluated for impairment | 8,013 | 8,013 | |
Ending balance: Collectively evaluated for impairment | 146,885 | 74,206 | |
Loans: | |||
Ending balance | 13,216,691 | 12,846,342 | |
Ending balance: Individually evaluated for impairment | 752,219 | 760,733 | |
Ending balance: Collectively evaluated for impairment | 12,464,472 | 12,085,609 | |
Multi-Family Mortgage Loans [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 524,183 | 224,384 | 224,384 |
Provision (credit) charged to expense | (43,642) | 299,799 | |
Losses charged off | 0 | ||
Balance, end of period | 480,541 | 224,384 | 524,183 |
Ending balance: Collectively evaluated for impairment | 480,541 | 524,183 | |
Loans: | |||
Ending balance | 37,286,217 | 36,628,238 | |
Ending balance: Individually evaluated for impairment | 504,648 | 507,066 | |
Ending balance: Collectively evaluated for impairment | 36,781,569 | 36,121,172 | |
Nonresidential Mortgage Loans [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 277,026 | 182,338 | 182,338 |
Provision (credit) charged to expense | 139,167 | 94,688 | |
Losses charged off | 0 | ||
Balance, end of period | 416,193 | 182,338 | 277,026 |
Ending balance: Collectively evaluated for impairment | 416,193 | 277,026 | |
Loans: | |||
Ending balance | 24,340,792 | 23,377,598 | |
Ending balance: Individually evaluated for impairment | 52,048 | 56,190 | |
Ending balance: Collectively evaluated for impairment | 24,288,744 | 23,321,408 | |
Construction & Land Loans [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 69,457 | 100,187 | 100,187 |
Provision (credit) charged to expense | 11,994 | (30,730) | |
Losses charged off | 0 | ||
Balance, end of period | 81,451 | 100,187 | 69,457 |
Ending balance: Collectively evaluated for impairment | 81,451 | 69,457 | |
Loans: | |||
Ending balance | 6,070,190 | 5,329,188 | |
Ending balance: Collectively evaluated for impairment | 6,070,190 | 5,329,188 | |
Real Estate Secured Lines of Credit [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 105,187 | 296,873 | 296,873 |
Provision (credit) charged to expense | (6,125) | (191,686) | |
Losses charged off | 0 | ||
Balance, end of period | 99,062 | 296,873 | 105,187 |
Ending balance: Collectively evaluated for impairment | 99,062 | 105,187 | |
Loans: | |||
Ending balance | 10,382,236 | 10,029,917 | |
Ending balance: Individually evaluated for impairment | 72,565 | 81,505 | |
Ending balance: Collectively evaluated for impairment | 10,309,671 | 9,948,412 | |
Commercial Loans [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 11,408 | 9,001 | 9,001 |
Provision (credit) charged to expense | 4,993 | 2,407 | |
Losses charged off | 0 | ||
Balance, end of period | 16,401 | 9,001 | 11,408 |
Ending balance: Collectively evaluated for impairment | 16,401 | 11,408 | |
Loans: | |||
Ending balance | 802,454 | 557,268 | |
Ending balance: Collectively evaluated for impairment | 802,454 | 557,268 | |
Other Consumer Loans [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 13,418 | 12,642 | 12,642 |
Provision (credit) charged to expense | (8,095) | 860 | |
Losses charged off | 0 | (84) | |
Balance, end of period | 5,323 | $ 12,642 | 13,418 |
Ending balance: Collectively evaluated for impairment | 5,323 | 13,418 | |
Loans: | |||
Ending balance | 592,974 | 863,546 | |
Ending balance: Collectively evaluated for impairment | $ 592,974 | $ 863,546 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Credit risk profile (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 184,051,005 | $ 181,551,161 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 181,619,195 | 179,087,898 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,091,457 | 1,112,716 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,340,353 | 1,350,547 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 91,359,451 | 91,919,064 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 90,726,663 | 91,281,765 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 632,788 | 637,299 |
One To Four Family Investment Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,216,691 | 12,846,342 |
One To Four Family Investment Mortgage Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,495,941 | 12,115,427 |
One To Four Family Investment Mortgage Loans [Member] | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 541,418 | 548,876 |
One To Four Family Investment Mortgage Loans [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 179,332 | 182,039 |
Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 37,286,217 | 36,628,238 |
Multi-Family Mortgage Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 36,915,820 | 36,256,469 |
Multi-Family Mortgage Loans [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 370,397 | 371,769 |
Nonresidential Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,340,792 | 23,377,598 |
Nonresidential Mortgage Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 23,790,753 | 22,813,758 |
Nonresidential Mortgage Loans [Member] | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 550,039 | 563,840 |
Construction & Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,070,190 | 5,329,188 |
Construction & Land Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,070,190 | 5,329,188 |
Real Estate Secured Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,382,236 | 10,029,917 |
Real Estate Secured Lines of Credit [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,224,400 | 9,870,477 |
Real Estate Secured Lines of Credit [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 157,836 | 159,440 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 802,454 | 557,268 |
Commercial Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 802,454 | 557,268 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 592,974 | 863,546 |
Other Consumer Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 592,974 | $ 863,546 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Aging analysis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 996,240 | $ 208,613 |
Current | 183,054,765 | 181,342,548 |
Total Loans Receivable | 184,051,005 | 181,551,161 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 460,370 | 110,934 |
Current | 90,899,081 | 91,808,130 |
Total Loans Receivable | 91,359,451 | 91,919,064 |
One To Four Family Investment Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 13,216,691 | 12,846,342 |
Total Loans Receivable | 13,216,691 | 12,846,342 |
Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 297,625 | |
Current | 36,988,592 | 36,628,238 |
Total Loans Receivable | 37,286,217 | 36,628,238 |
Nonresidential Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 24,340,792 | 23,377,598 |
Total Loans Receivable | 24,340,792 | 23,377,598 |
Construction & Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,070,190 | 5,329,188 |
Total Loans Receivable | 6,070,190 | 5,329,188 |
Real Estate Secured Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27,759 | 97,679 |
Current | 10,354,477 | 9,932,238 |
Total Loans Receivable | 10,382,236 | 10,029,917 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 802,454 | 557,268 |
Total Loans Receivable | 802,454 | 557,268 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210,486 | |
Current | 382,488 | 863,546 |
Total Loans Receivable | 592,974 | 863,546 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 885,766 | 97,679 |
30 to 59 Days Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 349,896 | |
30 to 59 Days Past Due | Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 297,625 | |
30 to 59 Days Past Due | Real Estate Secured Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27,759 | 97,679 |
30 to 59 Days Past Due | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210,486 | |
90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 110,474 | 110,934 |
90 Days and Greater Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 110,474 | $ 110,934 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Impaired loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Loans with a specific valuation allowance, Specific Allowance | $ 28,735 | $ 42,739 | $ 28,735 |
Recorded Balance | 2,490,596 | 2,420,450 | 2,521,067 |
Unpaid Principal Balance | 2,519,330 | 2,463,189 | 2,549,802 |
Average Investment in Impaired Loans | 2,536,504 | 2,473,640 | 2,614,455 |
Interest Income Recognized | 36,450 | 29,100 | 148,366 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 1,048,425 | 915,699 | 1,054,515 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,048,425 | 915,699 | 1,054,515 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,051,353 | 917,488 | 1,077,076 |
Loans without a specific valuation allowance, Interest Income Recognized | 13,131 | 8,043 | 52,394 |
Loans with a specific valuation allowance, Recorded Balance | 60,691 | 61,058 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 81,413 | 81,780 | |
Loans with a specific valuation allowance, Specific Allowance | 20,722 | 20,722 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 81,548 | 79,941 | |
Loans with a specific valuation allowance, Interest Income Recognized | 274 | 1,170 | |
One To Four Family Investment Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 370,006 | 311,555 | 374,389 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 370,006 | 311,555 | 374,389 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 372,052 | 313,561 | 383,268 |
Loans without a specific valuation allowance, Interest Income Recognized | 6,092 | 4,713 | 21,191 |
Loans with a specific valuation allowance, Recorded Balance | 382,213 | 379,301 | 386,344 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 390,225 | 412,985 | 394,357 |
Loans with a specific valuation allowance, Specific Allowance | 8,013 | 33,684 | 8,013 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 392,357 | 415,757 | 401,718 |
Loans with a specific valuation allowance, Interest Income Recognized | 5,647 | 5,497 | 19,965 |
Multi-Family Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 504,648 | 513,276 | 507,066 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 504,648 | 513,276 | 507,066 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 505,914 | 513,940 | 510,866 |
Loans without a specific valuation allowance, Interest Income Recognized | 9,231 | 7,027 | 43,647 |
Loans with a specific valuation allowance, Recorded Balance | 106,045 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 115,100 | ||
Loans with a specific valuation allowance, Specific Allowance | 9,055 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 115,632 | ||
Loans with a specific valuation allowance, Interest Income Recognized | 1,878 | ||
Nonresidential Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 52,048 | 147,414 | 56,190 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 52,048 | 147,414 | 56,190 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 54,030 | 149,226 | 75,260 |
Loans without a specific valuation allowance, Interest Income Recognized | 773 | 1,233 | 4,583 |
Real Estate Secured Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 72,565 | 47,160 | 81,505 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 72,565 | 47,160 | 81,505 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 79,250 | 48,036 | 86,326 |
Loans without a specific valuation allowance, Interest Income Recognized | $ 1,302 | $ 709 | $ 5,416 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Nonaccrual loans (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 110,474 | $ 110,934 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 110,474 | $ 110,934 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Newly classified TDRs (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | 4 |
Pre-Modification Balance | $ 266,418 | |
Post-Modification Balance | 281,553 | |
Financing Receivable Interest Modification | 40,627 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 240,926 | |
Financing Receivable, Modifications, Recorded Investments | $ 2,400 | $ 281,553 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 3 | |
Pre-Modification Balance | $ 266,418 | |
Post-Modification Balance | 240,926 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 240,926 | |
Financing Receivable, Modifications, Recorded Investments | $ 240,926 | |
One To Four Family Investment Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 0 | |
Multi-Family Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 0 | |
Nonresidential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 0 | |
Construction & Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 0 | |
Real Estate Secured Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 1 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 40,627 | |
Financing Receivable Interest Modification | 40,627 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 40,627 | |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 0 | |
Other Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Interest Modification | 0 | |
Financing Receivable Term Modifications | 0 | |
Financing Receivable Modifications Combinations | 0 | |
Financing Receivable, Modifications, Recorded Investments | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)customeritem | Dec. 31, 2019USD ($)item | Mar. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 2,400 | $ 281,553 | |
Number of loans that were modified and impaired | item | 1 | ||
Number of TRDs modified that subsequently defaulted | item | 0 | ||
Specific Allowance | $ 28,735 | 28,735 | $ 42,739 |
Non-accrual loans excluding TDRs | $ 1,436,000 | $ 1,445,000 | |
Minimum consecutive period of payment performance | 6 months | ||
Number of foreclosed real estate properties | item | 0 | 0 | |
Consumer mortgage loans in process of foreclosure | $ 51,600 | ||
Number of consumer for mortgage loan in process of foreclosure | customer | 1 | ||
Number of TDRs | 0 | 4 | |
Performing Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of TDRs that did not meet criteria for placement back on accrual status | item | 0 | ||
Entity Loan Modification Program [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on accrual status | $ 931,000 | ||
Entity Loan Modification Program [Member] | Multi Family And Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on accrual status | $ 505,000 |
Earnings Per Share - Stockholde
Earnings Per Share - Stockholders' equity and are excluded from weighted-average (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share | ||
Net Loss | $ (226,049) | $ (8,101) |
Net income allocated to common shareholders | $ (226,049) | $ (8,101) |
Shares outstanding for basic earnings per share: | ||
Shares issued | 2,949,432 | 2,936,819 |
Less: Average unearned ESOP shares | 74,026 | 80,820 |
Weighted-average shares outstanding - basic | 2,875,406 | 2,855,999 |
Basic earnings per common share | $ (0.08) | |
Effect of dilutive securities: | ||
Weighted-average shares outstanding - basic | 2,875,406 | 2,855,999 |
Weighted-average shares outstanding - diluted | 2,875,406 | 2,855,999 |
Diluted earnings per share | $ (0.08) |
Regulatory Matters - Capital am
Regulatory Matters - Capital amounts and ratios (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total risk-based capital (to risk-weighted assets), Actual Amount | $ 32,599 | $ 24,898 |
Total risk-based capital (to risk-weighted assets), Actual Ratio | 20.10% | 16.30% |
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 12,948 | $ 12,204 |
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Total risk-based capital (to risk-weighted assets), minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 16,185 | $ 15,255 |
Total risk-based capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I capital (to risk-weighted assets), Actual Amount | $ 31,126 | $ 23,490 |
Tier I capital (to risk-weighted assets), Actual Ratio | 19.20% | 15.40% |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 9,711 | $ 9,153 |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 12,948 | $ 12,204 |
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Tier I capital (to adjusted total assets), Actual Amount | $ 31,126 | $ 23,490 |
Tier I capital (to adjusted total assets), Actual Ratio | 13.60% | 10.20% |
Tier I capital (to adjusted total assets), Minimum Capital Requirement Amount | $ 9,180 | $ 9,183 |
Tier I capital (to adjusted total assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I capital (to adjusted total assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 11,475 | $ 11,478 |
Tier I capital (to adjusted total assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common Stock [Member] | ||
Common Equity Tier I capital (to risk-weighted assets), Actual Amount | $ 31,126 | $ 23,490 |
Common Equity Tier I capital (to risk-weighted assets), Actual Ratio | 19.20% | 15.40% |
Common Equity Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 7,283 | $ 6,865 |
Common Equity Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Common Equity Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 10,520 | $ 9,916 |
Common Equity Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | Mar. 31, 2020 |
Regulatory Matters | |
Capital Conservation Buffer, Initial Percentage | 0.00% |
Capital Conservation Buffer, Target percentage | 2.50% |
Capital Conservation Buffer, Percentage | 2.50% |
Disclosure About Fair Values _3
Disclosure About Fair Values of Assets and Liabilities - Measure on recurring basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | $ 1,085,493 | $ 1,213,815 | $ 1,306,527 | $ 1,252,740 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities of Government Sponsored Entities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage-backed securities of government sponsored entities | 6,243,334 | 6,733,213 | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 1,085,493 | 1,213,815 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities of Government Sponsored Entities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage-backed securities of government sponsored entities | 6,243,334 | 6,733,213 | ||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | $ 1,085,493 | $ 1,213,815 |
Disclosure About Fair Values _4
Disclosure About Fair Values of Assets and Liabilities - Reconciliation of beginning and ending balances (Details) - Mortgage Servicing Rights [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | ||
Fair value as of the beginning of the period | $ 1,213,815 | $ 1,252,740 |
Recognition of mortgage servicing rights on the sale of loans | 41,532 | 19,154 |
Change in fair value due to changes in valuation inputs or assumptions used in the valuation model | (169,854) | 34,633 |
Fair value at the end of the period | $ 1,085,493 | $ 1,306,527 |
Disclosure About Fair Values _5
Disclosure About Fair Values of Assets and Liabilities - Level 3 (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Impaired Loan [Member] | Market Comparable [Member] | Market Based [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 51,568 | $ 51,568 |
Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,085,493 | $ 1,213,815 |
Minimum [Member] | Impaired Loan [Member] | Market Comparable [Member] | Market Based [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 10.00% | 10.00% |
Minimum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 110.00% | 89.00% |
Maximum [Member] | Impaired Loan [Member] | Market Comparable [Member] | Market Based [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 15.00% | 15.00% |
Maximum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 230.00% | 173.00% |
Weighted Average [Member] | Impaired Loan [Member] | Market Comparable [Member] | Market Based [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 12.00% | 12.00% |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 10.00% | 10.00% |
Disclosure About Fair Value of
Disclosure About Fair Value of Assets and Liabilities - Fair values of financial instruments not previously presented (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 15,660,518 | $ 37,735,266 | $ 10,826,532 | $ 11,089,189 |
Interest-bearing time deposits | 1,750,000 | |||
Loans held for sale | 9,523,196 | 3,114,081 | ||
Loans, net of allowance for loan losses | 179,951,297 | 179,332,026 | ||
Federal Home Loan Bank stock | 2,731,500 | 2,657,400 | ||
Interest receivable | 595,804 | 624,333 | ||
Federal Home Loan Bank lender risk account receivable | 1,630,122 | 1,713,240 | ||
Deposits | 142,847,393 | 143,410,707 | ||
Federal Home Loan Bank advances | 43,673,224 | 47,172,066 | ||
Stock subscription proceeds in escrow | 23,407,011 | |||
Advances from borrowers for taxes and insurance | 1,302,814 | 1,806,638 | ||
Interest payable | 85,407 | 91,636 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net of allowance for loan losses | 51,568 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 15,660,518 | 37,735,266 | ||
Stock subscription proceeds in escrow | 23,407,011 | |||
Fair Value, Inputs, Level 1 [Member] | Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 68,893,099 | 66,172,775 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest-bearing time deposits | 1,750,000 | |||
Loans held for sale | 9,768,660 | 3,178,068 | ||
Federal Home Loan Bank stock | 2,731,500 | 2,657,400 | ||
Fair Value, Inputs, Level 2 [Member] | Accrued Interest Receivables [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest receivable | 595,804 | 624,333 | ||
Fair Value, Inputs, Level 2 [Member] | Tax [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Advances from borrowers for taxes and insurance | 1,302,814 | 1,806,638 | ||
Fair Value, Inputs, Level 2 [Member] | Interest Payable [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest payable | 85,407 | 91,636 | ||
Fair Value, Inputs, Level 2 [Member] | Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 76,149,428 | 78,065,313 | ||
Fair Value, Inputs, Level 2 [Member] | Federal Home Loan Bank Advances [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Federal Home Loan Bank advances | 45,521,783 | 47,707,920 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net of allowance for loan losses | 178,421,711 | 175,117,724 | ||
Fair Value, Inputs, Level 3 | Federal Home Loan Bank [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Federal Home Loan Bank lender risk account receivable | $ 1,866,762 | |||
Fair Value, Inputs, Level 3 | Federal Home Loan Bank Advances [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Federal Home Loan Bank lender risk account receivable | $ 1,820,707 |
Commitments and Credit Risk - C
Commitments and Credit Risk - Commitments to fund fixed rate loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments and Credit Risk | ||
Commitments to fund fixed-rate loans | $ 33,437,170 | $ 3,917,445 |
Commitments to fund fixed-rate loans, Minimum interest rate | 2.75% | 3.50% |
Commitments to fund fixed-rate loans, Maximum interest rate | 3.875% | 5.125% |
Commitments and Credit Risk- Li
Commitments and Credit Risk- Lines of credit (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments to originate loans for portfolio [Member] | ||
Other Commitments | ||
Loan Commitments outstanding | $ 674,000 | $ 761,055 |
Forward sale commitments [Member] | ||
Other Commitments | ||
Loan Commitments outstanding | 42,960,366 | 7,031,526 |
Lines of credit [Member] | ||
Other Commitments | ||
Loan Commitments outstanding | $ 16,876,597 | $ 16,840,828 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Loss | ||
Net unrealized loss on available for sale securities | $ (66,189) | $ (7,237) |
Directors' retirement plan | (373,459) | (361,104) |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | (439,648) | (368,341) |
Tax benefit | (92,326) | (77,352) |
Net of tax amount | $ (347,322) | $ (290,989) |
Equity Incentive plan - Stock O
Equity Incentive plan - Stock Option Plan (Details) - Stock Option - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding, beginning of period | 118,458 | 129,479 | [1] | 129,479 | [1] | ||
Outstanding, end of period | 118,458 | 129,479 | 118,458 | 129,479 | |||
Exercisable, end of period | 47,383 | 25,896 | |||||
Weighted-Average Exercise Price Outstanding, beginning | $ 5.84 | $ 5.84 | [1] | $ 5.84 | [1] | ||
Weighted Average Exercise Price Options, Outstanding end of period | 5.84 | 5.84 | $ 5.84 | $ 5.84 | |||
Weighted Average Exercise Price per Option, Exercisable at period end | $ 5.84 | $ 5.84 | |||||
Weighted Average Remaining Contractual Term, Options Outstanding | 7 years 3 months | 8 years 3 months | 7 years 6 months | 8 years 6 months | |||
Weighted Average Remaining Contractual Term, Exercisable at end of period | 7 years 3 months | 8 years 3 months | |||||
Aggregate Intrinsic Value, Options Outstanding (in dollars) | $ 273,638 | $ 293,072 | $ 521,618 | $ 194,008 | |||
Aggregate Intrinsic Value, Options Exercisable at period end | $ 109,455 | $ 58,614 | |||||
[1] | Share amounts related to the periods prior to the January 22, 2020 closing of the conversion offering have been restated to give retroactive recognition to the 1.6351 exchange ratio applied in the conversion offering. (see Note 1). |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) | Jan. 22, 2020 | Jun. 30, 2017$ / sharesshares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | May 31, 2017shares |
Stock Exchange Ratio | 1.6351 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 232,100 | ||||
Share-based Compensation | $ | $ 25,791 | $ 25,791 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months | ||||
2017 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 192,843 | ||||
2017 Equity Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 55,098 | ||||
Vesting period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 55,098 | ||||
2017 Equity Incentive Plan | Employee Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 137,745 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 129,478 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 5.84 | ||||
Expiration period | 10 years |