Bogota Financial (BSBK) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	Bogota Financial Corp.
Entity Central Index Key	0001787414
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.01 par value per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	NJ
Entity Incorporation, State or Country Code	MD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,631,679
Trading Symbol	BSBK
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39180
Entity Tax Identification Number	84-3501231
Entity Address, Address Line One	819 Teaneck Road
Entity Address, City Or Town	Teaneck
Entity Address, Postal Zip Code	07666
City Area Code	201
Local Phone Number	862-0660
Document Quarterly Report	true
Document Transition Report	false

Consolidated Statements Of Fina

Consolidated Statements Of Financial Condition - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 9,044,291	$ 5,957,564
Interest-bearing deposits in other banks	107,284,223	74,428,175
Cash and cash equivalents	116,328,514	80,385,739
Securities available for sale	18,212,547	11,870,508
Securities held to maturity (fair value of $75,904,990 and $58,872,451, respectively)	75,020,011	57,504,443
Loan held for sale	996,393
Loans, net of allowance of $2,153,174 and $2,241,174, respectively	579,914,636	557,690,853
Premises and equipment, net	8,130,775	5,671,097
Federal Home Loan Bank (FHLB) stock and other restricted securities	5,134,000	5,858,100
Accrued interest receivable	2,725,700	2,855,425
Core deposit intangibles	354,877
Bank-owned life insurance	25,307,462	16,915,637
Other assets	2,908,487	2,153,076
Total Assets	835,033,402	740,904,878
Liabilities and Equity
Non-interest bearing deposits	36,207,139	27,061,629
Interest bearing deposits	555,012,875	474,911,402
Total Deposits	591,220,014	501,973,031
FHLB advances	90,102,901	104,290,920
Advance payments by borrowers for taxes and insurance	3,589,197	2,560,089
Other liabilities	4,506,174	3,612,762
Total liabilities	689,418,286	612,436,802
Commitments and Contingencies
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2021 and December 31, 2020
Common stock $0.01 par value, 30,000,000 shares authorized, 14,631,679 issued and outstanding at September 30, 2021 and 13,157,525 at December 31, 2020	146,316	131,575
Additional paid-in capital	68,291,158	56,975,187
Retained earnings	82,846,943	77,359,737
Unearned ESOP shares (469,980 shares at September 30, 2021 and 489,983 shares at December 31, 2020)	(5,499,507)	(5,725,410)
Accumulated other comprehensive loss	(169,794)	(273,013)
Total stockholders’ equity	145,615,116	128,468,076
Total liabilities and stockholders’ equity	$ 835,033,402	$ 740,904,878

Consolidated Statements Of Fi_2

Consolidated Statements Of Financial Condition (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Fair value of Securities Maturities	$ 75,904,990	$ 58,872,451
Allowance For Loan	$ 2,153,174	$ 2,241,174
Preferred stock par value	$ 0.01	$ 0.01
Preferred shares authorized	1,000,000	1,000,000
Preferred shares issued	0	0
Preferred shares outstanding	0	0
Common stock par value	$ 0.01	$ 0.01
Common shares authorized	30,000,000	30,000,000
Common shares issued	14,631,679	13,157,525
Common shares outstanding	14,631,679	13,157,525
Unearned ESOP Shares	469,980	489,983

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income
Loans	$ 5,967,013	$ 5,391,077	$ 17,116,855	$ 15,734,259
Securities
Taxable	410,867	367,857	1,473,018	1,204,056
Tax-exempt	13,411	13,136	38,794	38,017
Other interest-earning assets	94,343	131,215	332,603	660,492
Total interest income	6,485,634	5,903,285	18,961,270	17,636,824
Interest expense
Deposits	1,040,669	1,836,627	3,354,897	6,194,460
FHLB advances	369,352	472,506	1,176,985	1,478,432
Total interest expense	1,410,021	2,309,133	4,531,882	7,672,892
Net interest income	5,075,613	3,594,152	14,429,388	9,963,932
Provision (credit) for loan losses	25,000	25,000	(88,000)	275,000
Net interest income after provision (credit) for loan losses	5,050,613	3,569,152	14,517,388	9,688,932
Non-interest income
Fees and service charges	53,696	13,407	98,989	45,451
Gain on sale of loans	127,111		647,213
Bargain purchase gain			1,933,397
Bank-owned life insurance	156,992	90,359	391,825	939,160
Other	36,613	4,287	154,882	12,470
Total non-interest income	374,412	108,053	3,226,306	997,081
Non-interest expense
Salaries and employee benefits	2,029,021	1,330,540	5,603,408	3,790,526
Occupancy and equipment	338,604	166,592	899,777	495,509
FDIC insurance assessment	49,000	45,000	163,300	116,000
Data processing	256,953	182,202	777,789	493,439
Advertising	60,000	30,000	180,000	131,814
Director fees	207,012	181,916	622,131	547,091
Professional fees	128,514	239,375	596,280	642,888
Merger fees			392,197
Core conversion costs	370,000		730,000
Contribution to charitable foundation				2,881,500
Other	337,002	218,395	820,803	527,560
Total non-interest expense	3,776,106	2,394,020	10,785,685	9,626,327
Income before income taxes	1,648,919	1,283,185	6,958,009	1,059,686
Income tax expense	606,744	326,769	1,470,803	37,781
Net income	$ 1,042,175	$ 956,416	$ 5,487,206	$ 1,021,905
Earnings per Share (basic and diluted)	$ 0.07	$ 0.08	$ 0.40	$ 0.09
Weighted average shares outstanding	14,019,317	12,657,453	13,694,117	12,004,881

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 1,042,175	$ 956,416	$ 5,487,206	$ 1,021,905
Net of unrealized gains/(loss) on securities available for sale:
Net of unrealized holding (loss) gain arising during the period	(16,259)	45,268	12,622	(12,515)
Tax effect	4,570	(12,725)	(3,548)	3,519
Net of tax	(11,689)	32,543	9,074	(8,996)
Defined benefit retirement plans:
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits	43,653	38,803	130,959	116,409
Tax effect	(12,270)	(10,907)	(36,814)	(32,720)
Net of tax	31,383	27,896	94,145	83,689
Total other comprehensive income	19,694	60,439	103,219	74,693
Comprehensive (loss) income	$ 1,061,869	$ 1,016,855	$ 5,590,425	$ 1,096,598

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($)	Total	Bogota MHC	Common Stock	Common StockBogota MHC	Paid-in Capital	Paid-in CapitalBogota MHC	Retained Earnings	Unearned ESOP shares	Accumulates Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ 74,977,847						$ 75,291,512		$ (313,665)
Net income (loss)	(1,337,583)						(1,337,583)
Other comprehensive income (loss)	(113,532)								(113,532)
Issuance of common stock for initial public offering, net of expenses	54,554,037		$ 128,943		$ 54,425,094
Issuance of common stock for initial public offering, net of expenses, shares			12,894,375
Issuance of common stock to the Charitable Foundation	2,631,500		$ 2,632		2,628,868
Issuance of common stock to the Charitable Foundation, shares			263,150
Stock purchase by the ESOP	(6,022,899)							$ (6,022,899)
Ending balance at Mar. 31, 2020	124,689,370		$ 131,575		57,053,962		73,953,929	(6,022,899)	(427,197)
Ending balance, shares at Mar. 31, 2020			13,157,525
Beginning balance at Dec. 31, 2019	74,977,847						75,291,512		(313,665)
Net income (loss)	1,021,905
Other comprehensive income (loss)	74,693
Ending balance at Sep. 30, 2020	127,399,899		$ 131,575		56,996,307		76,313,418	(5,802,428)	(238,973)
Ending balance, shares at Sep. 30, 2020			13,157,525
Beginning balance at Mar. 31, 2020	124,689,370		$ 131,575		57,053,962		73,953,929	(6,022,899)	(427,197)
Beginning balance, shares at Mar. 31, 2020			13,157,525
Net income (loss)	1,403,073						1,403,073
Other comprehensive income (loss)	127,785								127,785
ESOP Shares released	111,723				(31,730)			143,453
Ending balance at Jun. 30, 2020	126,331,951		$ 131,575		57,022,232		75,357,002	(5,879,446)	(299,412)
Ending balance, shares at Jun. 30, 2020			13,157,525
Net income (loss)	956,416						956,416
Other comprehensive income (loss)	60,439								60,439
ESOP Shares released	51,093				(25,925)			77,018
Ending balance at Sep. 30, 2020	127,399,899		$ 131,575		56,996,307		76,313,418	(5,802,428)	(238,973)
Ending balance, shares at Sep. 30, 2020			13,157,525
Beginning balance at Dec. 31, 2020	128,468,076		$ 131,575		56,975,187		77,359,737	(5,725,410)	(273,013)
Beginning balance, shares at Dec. 31, 2020			13,157,525
Net income (loss)	3,006,307						3,006,307
Other comprehensive income (loss)	42,932								42,932
Issuance of common stock for initial public offering, net of expenses		$ 11,500,000		$ 12,679		$ 11,487,321
Issuance of common stock for initial public offering, net of expenses, shares				1,267,916
ESOP Shares released	60,835				(14,466)			75,301
Ending balance at Mar. 31, 2021	143,078,150		$ 144,254		68,448,042		80,366,044	(5,650,109)	(230,081)
Ending balance, shares at Mar. 31, 2021			14,425,441
Beginning balance at Dec. 31, 2020	128,468,076		$ 131,575		56,975,187		77,359,737	(5,725,410)	(273,013)
Beginning balance, shares at Dec. 31, 2020			13,157,525
Net income (loss)	5,487,206
Other comprehensive income (loss)	103,219
Ending balance at Sep. 30, 2021	145,615,116		$ 146,316		68,291,158		82,846,943	(5,499,507)	(169,794)
Ending balance, shares at Sep. 30, 2021			14,631,679
Beginning balance at Mar. 31, 2021	143,078,150		$ 144,254		68,448,042		80,366,044	(5,650,109)	(230,081)
Beginning balance, shares at Mar. 31, 2021			14,425,441
Net income (loss)	1,438,724						1,438,724
Other comprehensive income (loss)	40,593								40,593
ESOP Shares released	64,635				(10,666)			75,301
Ending balance at Jun. 30, 2021	144,622,102		$ 144,254		68,437,376		81,804,768	(5,574,808)	(189,488)
Ending balance, shares at Jun. 30, 2021			14,425,441
Net income (loss)	1,042,175						1,042,175
Other comprehensive income (loss)	19,694								19,694
Stock Based Compensation	77,731				77,731
Issuance of common stock to equity plan, shares			226,519
Issuance of common stock to equity plan			$ 2,265		(2,265)
Stock repurchased and retired	(213,281)		$ (203)		(213,078)
Stock repurchased and retired, shares			(20,281)
ESOP Shares released	66,695				(8,606)			75,301
Ending balance at Sep. 30, 2021	$ 145,615,116		$ 146,316		$ 68,291,158		$ 82,846,943	$ (5,499,507)	$ (169,794)
Ending balance, shares at Sep. 30, 2021			14,631,679

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 5,487,206	$ 1,021,905
Adjustments to reconcile net income to net cash from operating activities:
Bargain purchase gain	(1,933,397)
Amortization of intangible assets	(664,357)
(Credit) provision for loan losses	(88,000)	275,000
Depreciation of premises and equipment	280,399	204,459
Amortization of deferred loan fees, net	478,658	493,186
Amortization of premiums and accretion of discounts on securities, net	139,964	61,144
Deferred income tax expense (benefit)	490,567	(652,235)
Contribution to charitable foundation		2,631,500
Gain on sale of loans	(647,213)
Increase in cash surrender value of bank owned life insurance	(391,825)	(281,270)
Employee stock ownership plan expense	192,166	162,816
Stock based compensation	77,731
Changes in:
Accrued interest receivable	432,652	(960,953)
Net changes in other assets	(214,951)	1,233,582
Net changes in other liabilities	276,512	542,474
Net cash provided by operating activities	3,916,112	4,731,608
Cash flows from investing activities
Purchases of securities held to maturity	(30,485,194)	(15,414,965)
Purchases of securities available for sale	(9,261,276)
Maturities, calls, and repayments of securities available for sale	2,791,895	1,397,520
Maturities, calls, and repayments of securities held to maturity	20,011,576	17,682,171
Proceeds from sale of loans	19,968,351
Net decrease (increase) in loans	34,272,703	(45,557,267)
Loans purchased		(1,869,667)
Purchase of Bank Owned Life Insurance	(8,000,000)
Net cash acquired in merger	19,393,090
Death benefit proceeds from bank owned life insurance		863,921
Purchases of premises and equipment	(1,300,470)	(316,822)
Purchase of FHLB Stock	(463,900)	(834,100)
Redemption of FHLB stock	1,811,500	441,600
Net cash provided by (used in) investing activities	48,738,275	(43,607,609)
Cash flows from financing activities net of effects of business combinations
Net increase in deposits	7,475,952	13,115,477
Net (decrease) increase in short-term FHLB advances	(9,000,000)	7,000,000
Proceeds from long-term FHLB non-repo advances	8,000,000	19,500,000
Repayments of long-term FHLB non-repo advances	(23,356,730)	(15,444,743)
Loan to ESOP		(6,022,899)
Stock offering expenses		(1,973,312)
Return of unfilled stock offering subscriptions		(41,505,998)
Common stock issuance		7,683,507
Repurchase of common stock	(213,281)
Net increase in advance payments from borrowers for taxes and insurance	382,447	73,642
Net cash used in financing activities	(16,711,612)	(17,574,326)
Net increase (decrease) in cash and cash equivalents	35,942,775	(56,450,327)
Cash and cash equivalents at beginning of year	80,385,739	127,862,559
Cash and cash equivalents at September 30	116,328,514	71,412,232
Supplemental cash flow information
Subscription offering proceeds used to purchase common stock		48,843,842
Income taxes paid	1,355,000	800,000
Interest paid	3,157,098	$ 7,793,048
Non-cash investment and financing activities
Fair value of assets acquired, net of cash and cash equivalents acquired	87,352,754
Fair value of liabilities assumed	$ 93,312,447

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation : On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2021 and December 31, 2020. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $ 10.00 per share resulting in net proceeds of $ 54.6 million after $ 2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and contributed $ 250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity. Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three-month period ended September 30, 2021 options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. The Company did no t have any outstanding stock options or shares of restricted stock for the three-and-nine month periods ended September 30, 2020. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020. For the three months ended September 30, 2021 For the three months ended September 30, 2020 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 Numerator Net income $ 1,042,175 $ 956,416 $ 5,487,206 $ 1,021,905 Denominator: Weighted average shares outstanding - basic 14,019,317 12,657,453 13,694,117 12,004,881 Effect of stock plans — — — — Weighted average shares outstanding - diluted 14,019,317 12,657,453 13,694,117 12,004,881 Earnings per common share: Basic $ 0.07 $ 0.08 $ 0.40 $ 0.09 Diluted 0.07 0.08 0.40 0.09 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions effect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Risks and Uncertainties : The COVID-19 pandemic has adversely affected, and may continue to adversely affect, local, national and global economic activity. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. The effects of the COVID-19 pandemic may materially and adversely affect the Company’s financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these COVID-19-related conditions, including estimates regarding expected credit losses on loans receivable and other-than-temporary impairment of investment securities. Basis of Presentation : The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Financial Corp. at and for the year ended December 31, 2020 . Acquired Loans : Loans acquired including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows or the fair value of the loan's collateral value if the loan is collateral dependent) with no valuation allowance and are referenced to herein as purchase credit impaired (PCI). Loans are evaluated individually to determine if there is evidence of deterioration of credit quality since origination. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining estimated life. Decreases in expected cash flows are recognized immediately as impairment. Any valuation allowances on these impaired loans reflect only losses incurred after the acquisition. NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) For purchased loans acquired that are not PCI loans at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Not Yet Effective Accounting Pronouncements: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. In May 2020, FASB amended the effective date of the new guidance on Leases. The amendment and related new guidance on Leases are effective for the Company for the fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the effect on the financial statements when adopted. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is the fiscal year beginning on January 1, 2023 and interim periods within those fiscal years. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations.

ACQUISITION OF GIBRALTAR BANK

ACQUISITION OF GIBRALTAR BANK	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
ACQUISITION OF GIBRALTAR BANK	NOTE 2 – ACQUISITION OF GIBRALTAR BANK On February 28, 2021, the Company completed its acquisition of Gibraltar Bank. Pursuant to the terms of the Merger Agreement, Gibraltar Bank merged with and into the Bank, with the Bank as the surviving entity. Under the terms of the merger agreement, depositors of Gibraltar Bank became depositors of the Bank and have the same rights and privileges in Bogota Financial MHC as if their accounts had been established at the Bank on the date established at Gibraltar Bank. The Company issued 1,267,916 shares of its common stock to Bogota Financial, MHC in conjunction with the acquisition. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of February 28, 2021 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of bargain purchase gain of $ 1.9 million and a core deposit intangible of $ 400,000 . NOTE 2 – ACQUISITION OF GIBRALTAR BANK (Continued) Merger-related expenses of $ 392,000 for 2021 are recorded in the Consolidated Statements of Income and were expensed as incurred. The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Fair value As recorded Fair value of Equity acquired $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 ( 208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other 603,500 — 603,500 Loans receivable 77,683,903 ( 920,497 ) (b) 76,763,406 Allowance for loan loss ( 640,232 ) 640,232 (c) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e) 400,000 Deferred taxes 913,303 ( 184,973 ) (f) 728,330 Other assets 362,636 ( 278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities at the acquisition date. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums over estimated useful life. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense. NOTE 2 – ACQUISITION OF GIBRALTAR BANK (Continued) The fair value of loans acquired from Gibraltar Bank was estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. There was no carryover of Gibraltar Bank's allowance for loan losses associated with the loans that were acquired. The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Accordingly, the Company recognizes amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair value. Due to the complexity in valuing the assets acquired and liabilities assumed, and the significant amount of data inputs required, the valuation of the assets and liabilities acquired is not yet final. Fair value estimates are based on the information available at the reporting date and are subject to change for up to one year after the closing date of the acquisition as additional information relative to the closing date fair values becomes available. The fair value of PCI loans was $ 6.1 million on the date of acquisition. The gross contractual amounts receivable relating to the PCI loans was $ 8.3 million. Certain PCI loans, for which specific credit-related deterioration was identified, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation of the timing and amount of cash flows to be collected. The timing of the sale of loan collateral was estimated for acquired loans deemed impaired and considered collateral dependent. For these collateral dependent impaired loans, the excess of the future expected cash flows over the present value of the future expected cash flows represents the accretable yield, which will be accreted into interest income over the estimated liquidation period using the effective interest method. The following table details the PCI loans that are accounted for in accordance with FASB ASC 310-30 as of March 1, 2021: (Dollars in thousands) Contractually required principal and interest at acquisition $ 8,346 Contractual cash flows not expected to be collected (nonaccretable difference) ( 1,412 ) Expected cash flows at acquisition 6,934 Interest component of expected cash flows (accretable discount) ( 846 ) Fair value of acquired PCI loans $ 6,088 Acquired loans not subject to the requirements of FASB ASC 310-30 are recorded at fair value. The fair value mark on each of these loans will be accreted into interest income over the remaining life of the loan. The following table details loans that were not identified as PCI loans as of March 1, 2021: (Dollars in thousands) Contractually required principal at acquisition $ 91,906 Contractual cash flows not expected to be collected (credit mark) ( 9,978 ) Expected cash flows at acquisition 81,928 Interest component of expected cash flows (accretable premium) 143 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 82,071 NOTE 2 – ACQUISITION OF GIBRALTAR BANK (Continued) The following table presents actual operating results attributable to Gibraltar Ban0.7k since the March 1, 2021 acquisition date through September 30, 2021. This information does not include purchase accounting adjustments or acquisition integration costs. Gibraltar March 1, 2021 to September 30, 2021 Net interest income $ 1,479 Non-interest income 1,050 Non-interest expense 357 Pre-tax income 2,172 Income tax expense 611 Net Income $ 1,561 The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowings was based on the FHLB calculation to prepay borrowings with associated penalties.

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	9 Months Ended
	Sep. 30, 2021
Available-for-sale Securities
Schedule Of Available For Sale Securities [Line Items]
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY	NOTE 3 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair September 30, 2021 Corporate bonds due in: One through five years $ 5,377,667 $ 41,596 $ — $ 5,419,263 Five through ten years 1,002,690 7,567 — 1,010,257 MBSs – residential 9,449,748 111,567 ( 1,560 ) 9,559,755 MBSs – commercial 2,229,927 — ( 6,654 ) 2,223,273 Total $ 18,060,031 $ 160,730 $ ( 8,214 ) $ 18,212,547 Amortized Gross Gross Fair December 31, 2020 Corporate bonds due in: Less than one year $ 1,001,354 $ 954 $ — $ 1,002,308 One through five years 5,369,527 31,407 ( 4,186 ) 5,396,748 MBSs – residential 5,359,734 114,426 ( 2,708 ) 5,471,452 Total $ 11,730,615 $ 146,787 $ ( 6,894 ) $ 11,870,508 All of the mortgaged-backed securities (“MBSs”) are issued by the following government sponsored agencies Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”). NOTE 3 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the nine months ended September 30, 2021 or September 30, 2020. The age of unrealized losses and the fair value of related securities as of September 30, 2021 and December 31, 2020 were as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2021 MBSs – residential $ — $ — $ 257,976 $ ( 1,560 ) $ 257,976 $ ( 1,560 ) MBSs – commercial 2,223,273 ( 6,654 ) — — 2,223,273 ( 6,654 ) Total $ 2,223,273 $ ( 6,654 ) $ 257,976 $ ( 1,560 ) $ 2,481,249 $ ( 8,214 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Corporate bonds $ — $ — $ 2,005,441 $ ( 4,186 ) $ 2,005,441 $ ( 4,186 ) MBSs – residential 271,340 ( 2,708 ) — — 271,340 ( 2,708 ) Total $ 271,340 $ ( 2,708 ) $ 2,005,441 $ ( 4,186 ) $ 2,276,781 $ ( 6,894 ) Unrealized losses on corporate bonds available for sale have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. At September 30, 2021 , 100 % of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these securities to be other-than-temporary impaired at September 30, 2021. At September 30, 2021 and December 31, 2020 , securities available for sale with a carrying value of $ 171,699 and $ 214,229 , respectively, were pledged to secure public deposits.

SECURITIES HELD TO MATURITY

SECURITIES HELD TO MATURITY	9 Months Ended
	Sep. 30, 2021
Held-to-maturity Securities
Marketable Securities [Line Items]
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY	NOTE 4 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair September 30, 2021 U.S. Government-sponsored agencies due in: More than ten years $ 500,569 $ 193 $ — $ 500,762 Corporate bonds due in: Five through ten years 13,674,044 480,996 ( 26,307 ) 14,128,733 Municipal obligations due in: Less than one year 4,006,508 11,935 ( 5,112 ) 4,013,331 One through five years 320,000 6,944 — 326,944 Five through ten years 375,000 30,848 — 405,848 Greater than ten years 1,223,516 100 — 1,223,616 MBSs: Residential 18,036,058 162,791 ( 156,333 ) 18,042,516 Commercial 36,884,316 593,461 ( 214,537 ) 37,263,240 Total $ 75,020,011 $ 1,287,268 $ ( 402,289 ) $ 75,904,990 Amortized Gross Gross Fair December 31, 2020 Corporate bonds due in: Less than one year $ 1,501,179 $ 13,616 $ — $ 1,514,795 One through five years 8,635,831 221,716 ( 2,520 ) 8,855,027 Municipal obligations due in: Less than one year 2,764,079 4,944 ( 141 ) 2,768,882 One through five years 1,057,609 30,492 — 1,088,101 Five through ten years 375,000 32,201 — 407,201 MBSs: Residential 11,906,884 144,863 ( 15,440 ) 12,036,307 Commercial 31,263,861 997,319 ( 59,042 ) 32,202,138 Total $ 57,504,443 $ 1,445,151 $ ( 77,143 ) $ 58,872,451 All of the MBSs are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 4 – SECURITIES HELD TO MATURITY (Continued) The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized September 30, 2021 Corporate bonds $ 3,160,897 $ ( 26,307 ) $ — $ — $ 3,160,897 $ ( 26,307 ) Municipal bonds 2,944,888 ( 5,112 ) — — 2,944,888 ( 5,112 ) MBSs – residential 6,200,644 ( 155,293 ) 81,842 ( 1,040 ) 6,282,486 ( 156,333 ) MBSs – commercial 10,377,986 ( 77,071 ) 2,483,979 ( 137,466 ) 10,377,986 ( 214,537 ) Total $ 22,684,415 $ ( 263,783 ) $ 2,565,821 $ ( 138,506 ) $ 22,766,257 $ ( 402,289 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2020 Corporate bonds $ 747,480 $ ( 2,520 ) $ — $ — $ 747,480 $ ( 2,520 ) Municipal bonds 1,436,454 ( 141 ) — — 1,436,454 ( 141 ) MBSs – residential 2,403,485 ( 15,440 ) — — 2,403,485 ( 15,440 ) MBSs – commercial 2,652,666 ( 59,042 ) — — 2,652,666 ( 59,042 ) Total $ 7,240,085 $ ( 77,143 ) $ — $ — $ 7,240,085 $ ( 77,143 ) Unrecognized losses have not been recognized into income because the issuers of the securities are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At September 30, 2021 and December 31, 2020 , securities held to maturity with a carrying amount of $ 8,366,498 and $ 11,057,973 , respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. At September 30, 2021 and December 31, 2020 , securities held to maturity with a carrying value of $ 4,704,609 and $ 4,327,429 , respectively, were pledged to secure public deposits.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
LOANS	NOTE 5 – LOANS Loans are summarized as follows at September 30, 2021 and December 31, 2020: September 30, December 31, Real estate: (unaudited) Residential $ 328,878,125 $ 340,000,989 Commercial and multi-family real estate 177,530,098 171,634,451 Construction 37,150,933 9,930,959 Commercial and industrial 10,151,860 13,652,248 Consumer: Home equity and other 28,356,794 24,713,380 Total loans 582,067,810 559,932,027 Allowance for loan losses ( 2,153,174 ) ( 2,241,174 ) Net loans $ 579,914,636 $ 557,690,853 The Bank has granted loans to officers and directors of the Bank. At September 30, 2021 and December 31, 2020 , such loans totaled approximately $ 589,491 and $ 748,662 , respectively. At September 30, 2021 and December 31, 2020 deferred loan fees were $ 1,291,544 and $ 1,844,233 respectively. PCI loans are loans acquired at a discount primarily due to deteriorated credit quality. These loans are initially recorded at fair value at acquisition, based upon the present value of expected future cash flows, with no related allowance for loan losses. PCI loans acquired in the Gibraltar acquisition totaled $ 5.7 million at September 30, 2021. The following table presents changes in accretable yield for PCI loans for the nine months ended September 30, 2021 and 2020. Nine months ended Nine months ended September 30, 2020 Balance at the beginning of period $ — $ — Acquisition 217,789 — Accretion ( 45,095 ) — Reclassification of non-accretable discount — — Balance at the end of period $ 172,694 $ — As a qualified Small Business Administration lender, the Bank was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). During 2020, the Bank received and processed 113 PPP applications totaling approximately $ 10.5 million. The Bank participated in the second round of PPP loans and during the first half of 2021, the Bank received and processed 54 applications totaling $ 6.9 million. All outstanding PPP loans are included in the table above under commercial and industrial loans. Since origination, the Bank has processed forgiveness applications for $ 9.0 million and the outstanding balance at September 30, 2021 was $ 8.2 million. NOTE 5 – LOANS (Continued) The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended September 30, 2021 and 2020. Residential Commercial Construction Commercial Consumer Total Three months Allowance for loan losses: Beginning balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 (Credit) provision for loan losses 195,880 ( 295,500 ) 121,500 320 2,800 25,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,322,574 $ 557,500 $ 175,500 $ 8,800 $ 88,800 $ 2,153,174 September 30, 2020 Allowance for loan losses: Beginning balance $ 1,357,674 $ 770,000 $ 34,500 $ 16,000 $ 88,000 $ 2,266,174 (Credit) provision for loan losses ( 50,500 ) 70,000 6,000 ( 1,000 ) 500 25,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 15,000 $ 88,500 $ 2,316,174 Residential Commercial Construction Commercial Consumer Total Nine months Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Provision for loan losses (credit) 68,400 ( 283,500 ) 130,500 ( 5,200 ) 1,800 ( 88,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,322,574 $ 557,500 $ 175,500 $ 8,800 $ 88,800 $ 2,153,174 September 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 9,000 $ 86,000 $ 2,016,174 Provision for loan losses (credit) ( 76,000 ) 328,000 14,500 6,000 2,500 275,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 15,000 $ 88,500 $ 2,316,174 NOTE 5 – LOANS (Continued) The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of September 30, 2021 and December 31, 2020: Residential Commercial Construction Commercial Consumer Total September 30, 2021 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,286,715 557,500 175,500 8,800 88,800 2,117,315 Acquired with deteriorated — — — — — — Total ending allowance balance $ 1,322,574 $ 557,500 $ 175,500 $ 8,800 $ 88,800 $ 2,153,174 Loans: Loans individually evaluated $ 2,273,914 $ — $ — $ — $ 40,719 $ 2,314,633 Loans collectively evaluated 323,033,236 176,573,114 37,150,933 10,151,860 28,296,773 575,205,916 Loans acquired with deteriorated 3,570,975 956,984 — — 19,302 4,547,261 Total ending loan balance $ 328,878,125 $ 177,530,098 $ 37,150,933 $ 10,151,860 $ 28,356,794 $ 582,067,810 December 31, 2020 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,218,315 841,000 45,000 14,000 87,000 2,205,315 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Loans: Loans individually evaluated $ 1,082,371 $ 223,352 $ — $ — $ 19,044 $ 1,324,767 Loans collectively evaluated 338,918,618 171,411,099 9,930,959 13,652,248 24,694,336 558,607,260 Total ending loan balance $ 340,000,989 $ 171,634,451 $ 9,930,959 $ 13,652,248 $ 24,713,380 $ 559,932,027 NOTE 5 – LOANS (Continued) Impaired loans as of and for the three and nine months ended September 30, 2021 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 2,098,727 $ 175,339 $ 35,859 Commercial and Multi-Family — — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 40,567 — — $ 2,139,294 $ 175,339 $ 35,859 Average loans for the Three months ended Nine months ended Residential first mortgages $ 1,745,580 $ 1,534,737 Commercial and Multi-Family 111,267 148,084 Construction — — Commercial & Industrial — — Home equity & other consumer 29,774 26,155 $ 1,886,621 $ 1,708,976 Impaired loans as of December 31, 2020 and for the three and nine months ended September 30, 2020 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 904,730 $ 177,641 $ 35,859 Commercial and Multi-Family 223,352 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,044 — — $ 1,147,126 $ 177,641 $ 35,859 Average loans for the Three months ended September 30, 2020 Nine months ended September 30, 2020 Residential first mortgages $ 1,143,912 $ 1,231,099 Commercial and Multi-Family 225,714 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 19,232 19,353 $ 1,163,144 $ 1,250,452 NOTE 5 – LOANS (Continued) The Bank has four residential loans totaling $ 733,721 that were troubled debt restructurings (“TDRs”) as of September 30, 2021 , with one loan totaling $ 175,339 with a specific reserve of $ 35,859 . At December 31, 2020 , the Bank had four residential loans totaling $ 750,035 and one commercial loan totaling $ 177,641 that were TDRs and one loan with a specific reserve of $ 35,859 . The Bank has not committed to lend additional amounts as of September 30, 2021 or December 31, 2020 to customers with outstanding loans that are classified as TDRs. There were no loans modified as TDRs during the nine-month periods ended September 30, 2021 or 2020. There were no TDRs in payment default within twelve months following the modification during the three and nine months ended September 30, 2021 and 2020. Interest income recognized on impaired loans for the three and nine months ended September 30, 2021 and September 30, 2020 was nominal. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of September 30, 2021 and December 31, 2020: Nonaccrual Loans Past September 30, 2021 Residential $ 735,144 $ — Commercial and multi-family — — Consumer 18,639 — Total $ 753,783 $ — December 31, 2020 Residential $ 673,539 $ — Commercial and multi-family — — Consumer 19,044 — Total $ 692,583 $ — The Bank had no other real estate owned at either September 30, 2021 or December 31, 2020. NOTE 5 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of September 30, 2021 and December 31, 2020, by class of loans: 30-59 Days 60-89 Days Greater than Total Due Loans Not PCI loans Total September 30, 2021 Residential $ — $ 281,958 $ 113,007 $ 394,965 $ 324,912,185 $ 3,570,975 $ 328,878,125 Commercial and multi-family — — — — 176,573,114 956,984 177,530,098 Construction — — — — 37,150,933 — 37,150,933 Commercial and industrial — 992,354 — 992,354 9,159,506 — 10,151,860 Consumer — 21,692 — 21,692 28,315,800 19,302 28,356,794 Total $ — $ 1,296,004 $ 113,007 $ 1,409,011 $ 576,111,538 $ 4,547,261 $ 582,067,810 December 31, 2020 Residential $ — $ 702,497 $ 24,628 $ 727,125 $ 339,273,864 $ — $ 340,000,989 Commercial and multi-family — — — — 171,634,451 — 171,634,451 Construction — — — — 9,930,959 — 9,930,959 Commercial and industrial — — — — 13,652,248 — 13,652,248 Home Equity & Consumer 160,382 — — 160,382 24,552,998 — 24,713,380 Total $ 160,382 $ 702,497 $ 24,628 $ 887,507 $ 559,044,520 $ — $ 559,932,027 Loans greater than 89 days past due are considered to be nonperforming. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be Pass rated loans. NOTE 5 – LOANS (Continued) Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Substandard Doubtful Totals September 30, 2021 Residential $ 327,094,032 $ 800,814 $ 983,279 $ — $ 328,878,125 Commercial and multi-family 175,831,321 — 1,698,777 — 177,530,098 Construction 37,150,933 — — — 37,150,933 Commercial and industrial 10,151,860 — — — 10,151,860 Consumer 28,316,227 21,928 18,639 — 28,356,794 Total $ 578,544,373 $ 822,742 $ 2,700,695 $ — $ 582,067,810 December 31, 2020 Residential $ 338,786,939 $ 567,766 $ 646,284 $ — $ 340,000,989 Commercial and multi-family 170,181,704 — 1,452,747 — 171,634,451 Construction 9,930,959 — — — 9,930,959 Commercial and industrial 13,652,248 — — — 13,652,248 Consumer 24,694,336 — 19,044 — 24,713,380 Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — $ 559,932,027

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
STOCK BASED COMPENSATION	NOTE 6 – STOCK BASED COMPENSATION At the annual meeting held on May 27, 2021, stockholders of the Company approved the Bogota Financial Corp. 2021 Equity Incentive Plan ("2021 Plan"), which provides for the issuance of up to 902,602 shares ( 257,887 restricted stock awards and 644,718 stock options) of Bogota Financial Corp. common stock. On September 2, 2021, 226,519 shares of restricted stock were awarded, with a grant date fair value of $ 10.45 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. Restricted shares granted under the 2021 Plan vest in equal installments, over the service periods of five years , beginning one year from the date of grant. Management recognizes compensation expense for the fair value of restricted shares on a straight line basis over the requisite service period. During the three and nine months ended September 30, 2021 approximately $ 39,000 expense was recognized in regard to these awards. There was no restricted stock expense recorded for the three and nine months ended September 30, 2020 The expected future compensation expense related to the 226,519 non-vested restricted shares outstanding at September 30, 2021 is approximately $ 2.4 million over a weighted average period of 5.0 years. The following is a summary of the Company's restricted stock activity during the nine months ended September 30, 2021: Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2021 — $ — Granted 226,519 10.45 Outstanding, September 30, 2021 226,519 10.45 NOTE 6 – STOCK BASED COMPENSATION (Continued) On September 2, 2021, options to purchase 526,119 shares of Company common stock were awarded, with a grant date fair value of $ 4.37 per option. Stock options granted under the 2021 Plan vest in equal installments over the service period of five years beginning one year from the date of grant. Stock options were granted at an exercise price of $ 10.45 , which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of 10 years . The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6.5 years, risk-free rate of return of 0.904 %, volatility of 41.10 %, and a dividend yield of 0.00 %. The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Since the Company recently converted to a public Company and does not have sufficient historical price data, the expected volatility is based on the historical daily stock prices of a peer group of similar entities based on factors such as industry, stage of life cycle, size and financial leverage. The Company has no t paid any cash dividends on its common stock. Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the three and nine months ended September 30, 2021, approximately $ 38,000 in expense was recognized in regard to these awards. There was no stock option expense recorded for the three and nine months ended September 30, 2020. The expected future compensation expense related to the 526,119 non-vested options outstanding at September 30, 2021 is $ 2.3 million over the vesting period of five years . The following is a summary of the Company's option activity during the nine months ended September 30, 2021: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2021 $ — $ — $ — Granted 526,119 10.45 6.5 $ 100,000 Outstanding, September 30, 2021 526,119 10.45 6.5 $ 100,000 Options exercisable at September 30, 2021 $ - $ - The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 7 – Commitments and Contingencies The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments primarily include commitments to extend credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual amounts of these instruments reflect the extent of involvement the Bank has in those particular classes of financial instruments. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Note 7 – Commitments and Contingencies (Continued) The Bank had outstanding firm commitments, all of which expire within two months, to originate, loans at September 30, 2021 and December 31, 2020 as follows: September 30, December 31, Fixed Rate Residential mortgage loans $ 9,503,675 $ 8,524,000 Commercial real estate 736,250 1,830,000 Commercial and industrial — — Construction 5,520,000 — Home equity — 2,135,000 Total $ 15,759,925 $ 12,489,000 September 30, December 31, Variable Rate Residential mortgage loans $ — $ 1,500,000 Commercial real estate — 4,675,000 Commercial and industrial 50,000 — Construction — — Home equity 718,000 — Total $ 768,000 $ 6,175,000 Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 2.50 % to 4.50 % and maturities ranging from 10 years to 30 years. At September 30, 2021 and December 31, 2020 , undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to $ 49,050,699 and $ 41,774,944 , respectively. At September 30, 2021 and December 31, 2020 , undisbursed funds from approved lines of credit under a business line of credit program amounted to $ 416,065 and $ 427,827 , respectively. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. Commitments to extend credit 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 some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes commercial and residential real estate. The Bank leases certain Bank properties and equipment under operating leases. Rent expense was $ 111,872 and $ 28,677 for the nine months ended September 30, 2021 and 2020 , respectively.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 8 – FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other 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. Level 3 – Significant unobservable inputs that reflect a bank’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: The Bank’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of corporate bonds and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities. Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices Significant Significant As of September 30, 2021 Securities available for sale: Corporate bonds $ 6,429,520 $ — $ 6,429,520 $ — MBSs - residential 9,559,755 — 9,559,755 $ — MBSs - commercial 2,223,273 — 2,223,273 — $ 18,212,547 $ — $ 18,212,547 $ — As of December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBSs - residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ — There were no transfers between level 1 and level 2 during the nine months ended September 30, 2021. NOTE 8 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments, at September 30, 2021 and December 31, 2020, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2021 Financial instruments - assets Cash and due from banks $ 116,329 $ 116,329 $ 116,329 $ — $ — Investment securities held-to-maturity 75,020 75,905 — 75,905 — Loans 579,915 576,556 — — 576,556 Financial instruments - liabilities Certificates of deposit 372,644 374,109 — 374,109 — Borrowings 90,103 91,000 — 91,000 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial instruments - assets Cash and due from banks $ 80,386 $ 80,386 $ 80,386 $ — $ — Investment securities held-to-maturity 57,504 58,872 — 58,872 — Loans 557,691 544,392 — — 544,392 Financial instruments - liabilities Certificates of deposit 356,364 359,465 — 359,465 — Borrowings 104,291 106,159 — 106,159 — Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 9 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) for the three and nine months ended September 30, 2021 and 2020 is as follows: Unrealized gain securities Benefit plans Total Three months Beginning balance at July 1, 2021 $ 121,332 $ ( 310,820 ) $ ( 189,488 ) Other comprehensive loss ( 11,689 ) — ( 11,689 ) Amounts reclassified — 31,383 31,383 Net period comprehensive (loss) income ( 11,689 ) 31,383 19,694 Ending balance $ 109,643 $ ( 279,437 ) $ ( 169,794 ) September 30, 2020 Beginning balance at July 1, 2020 $ 70,352 $ ( 369,764 ) $ ( 299,412 ) Other comprehensive gain before reclassification 32,543 — 32,543 Amounts reclassified — 27,896 27,896 Net period comprehensive income 32,543 27,896 60,439 Ending balance $ 102,895 $ ( 341,868 ) $ ( 238,973 ) Unrealized gain securities Benefit plans Total Nine months Beginning balance at January 1, 2021 $ 100,569 $ ( 373,582 ) $ ( 273,013 ) Other comprehensive gain 9,074 — 9,074 Amounts reclassified — 94,145 94,145 Net period comprehensive income 9,074 94,145 103,219 Ending balance $ 109,643 $ ( 279,437 ) $ ( 169,794 ) September 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ ( 425,557 ) $ ( 313,665 ) Other comprehensive (loss) ( 8,996 ) — ( 8,996 ) Amounts reclassified — 83,689 83,689 Net period comprehensive (loss) income ( 8,996 ) 83,689 74,693 Ending balance $ 102,895 $ ( 341,868 ) $ ( 238,973 )

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EMPLOYEE STOCK OWNERSHIP PLAN	NOTE 10 – EMPLOYEE STOCK OWNERSHIP PLAN In connection with our mutual-to-stock reorganization and stock offering, the Bank established an employee stock ownership plan (“ESOP”), which acquired 515,775 shares of the Company’s common stock equaling 4 % of the shares issued, including shares issued to the Bogota Savings Bank Charitable Foundation. The ESOP is a tax-qualified retirement plan providing employees the opportunity to own Company stock. Bank contributions to the ESOP are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares to be allocated annually is 25,789 through 2039. During the three and nine months ended September 30, 2021, $ 67,000 and $ 192,166 was incurred as expense for the plan, respectively, compared to $ 51,000 and $ 162,816 , respectively, for the same periods last year.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation : On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2021 and December 31, 2020. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $ 10.00 per share resulting in net proceeds of $ 54.6 million after $ 2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and contributed $ 250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”
Reclassifications	Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity.
Earnings per Share	Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three-month period ended September 30, 2021 options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. The Company did no t have any outstanding stock options or shares of restricted stock for the three-and-nine month periods ended September 30, 2020. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020. For the three months ended September 30, 2021 For the three months ended September 30, 2020 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 Numerator Net income $ 1,042,175 $ 956,416 $ 5,487,206 $ 1,021,905 Denominator: Weighted average shares outstanding - basic 14,019,317 12,657,453 13,694,117 12,004,881 Effect of stock plans — — — — Weighted average shares outstanding - diluted 14,019,317 12,657,453 13,694,117 12,004,881 Earnings per common share: Basic $ 0.07 $ 0.08 $ 0.40 $ 0.09 Diluted 0.07 0.08 0.40 0.09
Use of Estimates	Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions effect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Risks and Uncertainties	Risks and Uncertainties : The COVID-19 pandemic has adversely affected, and may continue to adversely affect, local, national and global economic activity. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. The effects of the COVID-19 pandemic may materially and adversely affect the Company’s financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these COVID-19-related conditions, including estimates regarding expected credit losses on loans receivable and other-than-temporary impairment of investment securities.
Basis of Presentation	Basis of Presentation : The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Financial Corp. at and for the year ended December 31, 2020 .
Acquired Loans	Acquired Loans : Loans acquired including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows or the fair value of the loan's collateral value if the loan is collateral dependent) with no valuation allowance and are referenced to herein as purchase credit impaired (PCI). Loans are evaluated individually to determine if there is evidence of deterioration of credit quality since origination. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining estimated life. Decreases in expected cash flows are recognized immediately as impairment. Any valuation allowances on these impaired loans reflect only losses incurred after the acquisition. NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) For purchased loans acquired that are not PCI loans at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans.
Not Yet Effective Accounting Pronouncements:	Not Yet Effective Accounting Pronouncements: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. In May 2020, FASB amended the effective date of the new guidance on Leases. The amendment and related new guidance on Leases are effective for the Company for the fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the effect on the financial statements when adopted. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is the fiscal year beginning on January 1, 2023 and interim periods within those fiscal years. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule Of Earnings Per Share Basic And Diluted [Abstract]
Summary of earnings per share basic and diluted	The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020. For the three months ended September 30, 2021 For the three months ended September 30, 2020 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 Numerator Net income $ 1,042,175 $ 956,416 $ 5,487,206 $ 1,021,905 Denominator: Weighted average shares outstanding - basic 14,019,317 12,657,453 13,694,117 12,004,881 Effect of stock plans — — — — Weighted average shares outstanding - diluted 14,019,317 12,657,453 13,694,117 12,004,881 Earnings per common share: Basic $ 0.07 $ 0.08 $ 0.40 $ 0.09 Diluted 0.07 0.08 0.40 0.09

ACQUISITION OF GIBRALTAR BANK (

ACQUISITION OF GIBRALTAR BANK (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Fair value As recorded Fair value of Equity acquired $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 ( 208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other 603,500 — 603,500 Loans receivable 77,683,903 ( 920,497 ) (b) 76,763,406 Allowance for loan loss ( 640,232 ) 640,232 (c) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e) 400,000 Deferred taxes 913,303 ( 184,973 ) (f) 728,330 Other assets 362,636 ( 278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities at the acquisition date. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums over estimated useful life. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense.
Schedule of PCI Loans Acquired Accounted for as Debt Securities	The following table details the PCI loans that are accounted for in accordance with FASB ASC 310-30 as of March 1, 2021: (Dollars in thousands) Contractually required principal and interest at acquisition $ 8,346 Contractual cash flows not expected to be collected (nonaccretable difference) ( 1,412 ) Expected cash flows at acquisition 6,934 Interest component of expected cash flows (accretable discount) ( 846 ) Fair value of acquired PCI loans $ 6,088
Schedule of Loans Acquired Not Identified as PCI Loans	The following table details loans that were not identified as PCI loans as of March 1, 2021: (Dollars in thousands) Contractually required principal at acquisition $ 91,906 Contractual cash flows not expected to be collected (credit mark) ( 9,978 ) Expected cash flows at acquisition 81,928 Interest component of expected cash flows (accretable premium) 143 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 82,071
Schedule of Business Acquisition Actual Operating Results	The following table presents actual operating results attributable to Gibraltar Ban0.7k since the March 1, 2021 acquisition date through September 30, 2021. This information does not include purchase accounting adjustments or acquisition integration costs. Gibraltar March 1, 2021 to September 30, 2021 Net interest income $ 1,479 Non-interest income 1,050 Non-interest expense 357 Pre-tax income 2,172 Income tax expense 611 Net Income $ 1,561

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale	The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair September 30, 2021 Corporate bonds due in: One through five years $ 5,377,667 $ 41,596 $ — $ 5,419,263 Five through ten years 1,002,690 7,567 — 1,010,257 MBSs – residential 9,449,748 111,567 ( 1,560 ) 9,559,755 MBSs – commercial 2,229,927 — ( 6,654 ) 2,223,273 Total $ 18,060,031 $ 160,730 $ ( 8,214 ) $ 18,212,547 Amortized Gross Gross Fair December 31, 2020 Corporate bonds due in: Less than one year $ 1,001,354 $ 954 $ — $ 1,002,308 One through five years 5,369,527 31,407 ( 4,186 ) 5,396,748 MBSs – residential 5,359,734 114,426 ( 2,708 ) 5,471,452 Total $ 11,730,615 $ 146,787 $ ( 6,894 ) $ 11,870,508
Summary of debt securities available for sale and unrealized loss position	The age of unrealized losses and the fair value of related securities as of September 30, 2021 and December 31, 2020 were as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2021 MBSs – residential $ — $ — $ 257,976 $ ( 1,560 ) $ 257,976 $ ( 1,560 ) MBSs – commercial 2,223,273 ( 6,654 ) — — 2,223,273 ( 6,654 ) Total $ 2,223,273 $ ( 6,654 ) $ 257,976 $ ( 1,560 ) $ 2,481,249 $ ( 8,214 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Corporate bonds $ — $ — $ 2,005,441 $ ( 4,186 ) $ 2,005,441 $ ( 4,186 ) MBSs – residential 271,340 ( 2,708 ) — — 271,340 ( 2,708 ) Total $ 271,340 $ ( 2,708 ) $ 2,005,441 $ ( 4,186 ) $ 2,276,781 $ ( 6,894 )

SECURITIES HELD TO MATURITY (Ta

SECURITIES HELD TO MATURITY (Tables)	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity	The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at September 30, 2021 and December 31, 2020: Amortized Gross Gross Fair September 30, 2021 U.S. Government-sponsored agencies due in: More than ten years $ 500,569 $ 193 $ — $ 500,762 Corporate bonds due in: Five through ten years 13,674,044 480,996 ( 26,307 ) 14,128,733 Municipal obligations due in: Less than one year 4,006,508 11,935 ( 5,112 ) 4,013,331 One through five years 320,000 6,944 — 326,944 Five through ten years 375,000 30,848 — 405,848 Greater than ten years 1,223,516 100 — 1,223,616 MBSs: Residential 18,036,058 162,791 ( 156,333 ) 18,042,516 Commercial 36,884,316 593,461 ( 214,537 ) 37,263,240 Total $ 75,020,011 $ 1,287,268 $ ( 402,289 ) $ 75,904,990 Amortized Gross Gross Fair December 31, 2020 Corporate bonds due in: Less than one year $ 1,501,179 $ 13,616 $ — $ 1,514,795 One through five years 8,635,831 221,716 ( 2,520 ) 8,855,027 Municipal obligations due in: Less than one year 2,764,079 4,944 ( 141 ) 2,768,882 One through five years 1,057,609 30,492 — 1,088,101 Five through ten years 375,000 32,201 — 407,201 MBSs: Residential 11,906,884 144,863 ( 15,440 ) 12,036,307 Commercial 31,263,861 997,319 ( 59,042 ) 32,202,138 Total $ 57,504,443 $ 1,445,151 $ ( 77,143 ) $ 58,872,451
Summary of debt securities held to maturity and unrealized loss position	The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized September 30, 2021 Corporate bonds $ 3,160,897 $ ( 26,307 ) $ — $ — $ 3,160,897 $ ( 26,307 ) Municipal bonds 2,944,888 ( 5,112 ) — — 2,944,888 ( 5,112 ) MBSs – residential 6,200,644 ( 155,293 ) 81,842 ( 1,040 ) 6,282,486 ( 156,333 ) MBSs – commercial 10,377,986 ( 77,071 ) 2,483,979 ( 137,466 ) 10,377,986 ( 214,537 ) Total $ 22,684,415 $ ( 263,783 ) $ 2,565,821 $ ( 138,506 ) $ 22,766,257 $ ( 402,289 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2020 Corporate bonds $ 747,480 $ ( 2,520 ) $ — $ — $ 747,480 $ ( 2,520 ) Municipal bonds 1,436,454 ( 141 ) — — 1,436,454 ( 141 ) MBSs – residential 2,403,485 ( 15,440 ) — — 2,403,485 ( 15,440 ) MBSs – commercial 2,652,666 ( 59,042 ) — — 2,652,666 ( 59,042 ) Total $ 7,240,085 $ ( 77,143 ) $ — $ — $ 7,240,085 $ ( 77,143 )

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Summary of loans receivable	Loans are summarized as follows at September 30, 2021 and December 31, 2020: September 30, December 31, Real estate: (unaudited) Residential $ 328,878,125 $ 340,000,989 Commercial and multi-family real estate 177,530,098 171,634,451 Construction 37,150,933 9,930,959 Commercial and industrial 10,151,860 13,652,248 Consumer: Home equity and other 28,356,794 24,713,380 Total loans 582,067,810 559,932,027 Allowance for loan losses ( 2,153,174 ) ( 2,241,174 ) Net loans $ 579,914,636 $ 557,690,853
Schedule of Changes in Accretable Yield for PCI Loans	The following table presents changes in accretable yield for PCI loans for the nine months ended September 30, 2021 and 2020. Nine months ended Nine months ended September 30, 2020 Balance at the beginning of period $ — $ — Acquisition 217,789 — Accretion ( 45,095 ) — Reclassification of non-accretable discount — — Balance at the end of period $ 172,694 $ —
Summary of activity in the allowance for loan losses by portfolio segment	The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended September 30, 2021 and 2020. Residential Commercial Construction Commercial Consumer Total Three months Allowance for loan losses: Beginning balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 (Credit) provision for loan losses 195,880 ( 295,500 ) 121,500 320 2,800 25,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,322,574 $ 557,500 $ 175,500 $ 8,800 $ 88,800 $ 2,153,174 September 30, 2020 Allowance for loan losses: Beginning balance $ 1,357,674 $ 770,000 $ 34,500 $ 16,000 $ 88,000 $ 2,266,174 (Credit) provision for loan losses ( 50,500 ) 70,000 6,000 ( 1,000 ) 500 25,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 15,000 $ 88,500 $ 2,316,174 Residential Commercial Construction Commercial Consumer Total Nine months Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Provision for loan losses (credit) 68,400 ( 283,500 ) 130,500 ( 5,200 ) 1,800 ( 88,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,322,574 $ 557,500 $ 175,500 $ 8,800 $ 88,800 $ 2,153,174 September 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 9,000 $ 86,000 $ 2,016,174 Provision for loan losses (credit) ( 76,000 ) 328,000 14,500 6,000 2,500 275,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 15,000 $ 88,500 $ 2,316,174
Summary of allowance for loan losses and the recorded investment in loans by portfolio segments	The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of September 30, 2021 and December 31, 2020: Residential Commercial Construction Commercial Consumer Total September 30, 2021 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,286,715 557,500 175,500 8,800 88,800 2,117,315 Acquired with deteriorated — — — — — — Total ending allowance balance $ 1,322,574 $ 557,500 $ 175,500 $ 8,800 $ 88,800 $ 2,153,174 Loans: Loans individually evaluated $ 2,273,914 $ — $ — $ — $ 40,719 $ 2,314,633 Loans collectively evaluated 323,033,236 176,573,114 37,150,933 10,151,860 28,296,773 575,205,916 Loans acquired with deteriorated 3,570,975 956,984 — — 19,302 4,547,261 Total ending loan balance $ 328,878,125 $ 177,530,098 $ 37,150,933 $ 10,151,860 $ 28,356,794 $ 582,067,810 December 31, 2020 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,218,315 841,000 45,000 14,000 87,000 2,205,315 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Loans: Loans individually evaluated $ 1,082,371 $ 223,352 $ — $ — $ 19,044 $ 1,324,767 Loans collectively evaluated 338,918,618 171,411,099 9,930,959 13,652,248 24,694,336 558,607,260 Total ending loan balance $ 340,000,989 $ 171,634,451 $ 9,930,959 $ 13,652,248 $ 24,713,380 $ 559,932,027
Summary of impaired loans	Impaired loans as of and for the three and nine months ended September 30, 2021 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 2,098,727 $ 175,339 $ 35,859 Commercial and Multi-Family — — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 40,567 — — $ 2,139,294 $ 175,339 $ 35,859 Average loans for the Three months ended Nine months ended Residential first mortgages $ 1,745,580 $ 1,534,737 Commercial and Multi-Family 111,267 148,084 Construction — — Commercial & Industrial — — Home equity & other consumer 29,774 26,155 $ 1,886,621 $ 1,708,976 Impaired loans as of December 31, 2020 and for the three and nine months ended September 30, 2020 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 904,730 $ 177,641 $ 35,859 Commercial and Multi-Family 223,352 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,044 — — $ 1,147,126 $ 177,641 $ 35,859 Average loans for the Three months ended September 30, 2020 Nine months ended September 30, 2020 Residential first mortgages $ 1,143,912 $ 1,231,099 Commercial and Multi-Family 225,714 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 19,232 19,353 $ 1,163,144 $ 1,250,452
Summary of recorded investment in nonaccrual and past due	The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of September 30, 2021 and December 31, 2020: Nonaccrual Loans Past September 30, 2021 Residential $ 735,144 $ — Commercial and multi-family — — Consumer 18,639 — Total $ 753,783 $ — December 31, 2020 Residential $ 673,539 $ — Commercial and multi-family — — Consumer 19,044 — Total $ 692,583 $ —
Summary of aging of loans receivable by portfolio segment	The following table presents the aging of the recorded investment in past due loans as of September 30, 2021 and December 31, 2020, by class of loans: 30-59 Days 60-89 Days Greater than Total Due Loans Not PCI loans Total September 30, 2021 Residential $ — $ 281,958 $ 113,007 $ 394,965 $ 324,912,185 $ 3,570,975 $ 328,878,125 Commercial and multi-family — — — — 176,573,114 956,984 177,530,098 Construction — — — — 37,150,933 — 37,150,933 Commercial and industrial — 992,354 — 992,354 9,159,506 — 10,151,860 Consumer — 21,692 — 21,692 28,315,800 19,302 28,356,794 Total $ — $ 1,296,004 $ 113,007 $ 1,409,011 $ 576,111,538 $ 4,547,261 $ 582,067,810 December 31, 2020 Residential $ — $ 702,497 $ 24,628 $ 727,125 $ 339,273,864 $ — $ 340,000,989 Commercial and multi-family — — — — 171,634,451 — 171,634,451 Construction — — — — 9,930,959 — 9,930,959 Commercial and industrial — — — — 13,652,248 — 13,652,248 Home Equity & Consumer 160,382 — — 160,382 24,552,998 — 24,713,380 Total $ 160,382 $ 702,497 $ 24,628 $ 887,507 $ 559,044,520 $ — $ 559,932,027
Summary of loans receivable by credit quality risk	Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Substandard Doubtful Totals September 30, 2021 Residential $ 327,094,032 $ 800,814 $ 983,279 $ — $ 328,878,125 Commercial and multi-family 175,831,321 — 1,698,777 — 177,530,098 Construction 37,150,933 — — — 37,150,933 Commercial and industrial 10,151,860 — — — 10,151,860 Consumer 28,316,227 21,928 18,639 — 28,356,794 Total $ 578,544,373 $ 822,742 $ 2,700,695 $ — $ 582,067,810 December 31, 2020 Residential $ 338,786,939 $ 567,766 $ 646,284 $ — $ 340,000,989 Commercial and multi-family 170,181,704 — 1,452,747 — 171,634,451 Construction 9,930,959 — — — 9,930,959 Commercial and industrial 13,652,248 — — — 13,652,248 Consumer 24,694,336 — 19,044 — 24,713,380 Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — $ 559,932,027

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Activity	The following is a summary of the Company's restricted stock activity during the nine months ended September 30, 2021: Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2021 — $ — Granted 226,519 10.45 Outstanding, September 30, 2021 226,519 10.45
Summary of Option Activity	The following is a summary of the Company's option activity during the nine months ended September 30, 2021: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2021 $ — $ — $ — Granted 526,119 10.45 6.5 $ 100,000 Outstanding, September 30, 2021 526,119 10.45 6.5 $ 100,000 Options exercisable at September 30, 2021 $ - $ -

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of outstanding firm commitments	The Bank had outstanding firm commitments, all of which expire within two months, to originate, loans at September 30, 2021 and December 31, 2020 as follows: September 30, December 31, Fixed Rate Residential mortgage loans $ 9,503,675 $ 8,524,000 Commercial real estate 736,250 1,830,000 Commercial and industrial — — Construction 5,520,000 — Home equity — 2,135,000 Total $ 15,759,925 $ 12,489,000 September 30, December 31, Variable Rate Residential mortgage loans $ — $ 1,500,000 Commercial real estate — 4,675,000 Commercial and industrial 50,000 — Construction — — Home equity 718,000 — Total $ 768,000 $ 6,175,000

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of carrying amounts and estimated fair values of financial instruments	The carrying amounts and estimated fair values of financial instruments, at September 30, 2021 and December 31, 2020, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2021 Financial instruments - assets Cash and due from banks $ 116,329 $ 116,329 $ 116,329 $ — $ — Investment securities held-to-maturity 75,020 75,905 — 75,905 — Loans 579,915 576,556 — — 576,556 Financial instruments - liabilities Certificates of deposit 372,644 374,109 — 374,109 — Borrowings 90,103 91,000 — 91,000 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial instruments - assets Cash and due from banks $ 80,386 $ 80,386 $ 80,386 $ — $ — Investment securities held-to-maturity 57,504 58,872 — 58,872 — Loans 557,691 544,392 — — 544,392 Financial instruments - liabilities Certificates of deposit 356,364 359,465 — 359,465 — Borrowings 104,291 106,159 — 106,159 —
Fair Value, Recurring
Summary of fair value, assets measured on recurring and nonrecurring basis	Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices Significant Significant As of September 30, 2021 Securities available for sale: Corporate bonds $ 6,429,520 $ — $ 6,429,520 $ — MBSs - residential 9,559,755 — 9,559,755 $ — MBSs - commercial 2,223,273 — 2,223,273 — $ 18,212,547 $ — $ 18,212,547 $ — As of December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBSs - residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
Summary of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive loss included in equity (net of tax) for the three and nine months ended September 30, 2021 and 2020 is as follows: Unrealized gain securities Benefit plans Total Three months Beginning balance at July 1, 2021 $ 121,332 $ ( 310,820 ) $ ( 189,488 ) Other comprehensive loss ( 11,689 ) — ( 11,689 ) Amounts reclassified — 31,383 31,383 Net period comprehensive (loss) income ( 11,689 ) 31,383 19,694 Ending balance $ 109,643 $ ( 279,437 ) $ ( 169,794 ) September 30, 2020 Beginning balance at July 1, 2020 $ 70,352 $ ( 369,764 ) $ ( 299,412 ) Other comprehensive gain before reclassification 32,543 — 32,543 Amounts reclassified — 27,896 27,896 Net period comprehensive income 32,543 27,896 60,439 Ending balance $ 102,895 $ ( 341,868 ) $ ( 238,973 ) Unrealized gain securities Benefit plans Total Nine months Beginning balance at January 1, 2021 $ 100,569 $ ( 373,582 ) $ ( 273,013 ) Other comprehensive gain 9,074 — 9,074 Amounts reclassified — 94,145 94,145 Net period comprehensive income 9,074 94,145 103,219 Ending balance $ 109,643 $ ( 279,437 ) $ ( 169,794 ) September 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ ( 425,557 ) $ ( 313,665 ) Other comprehensive (loss) ( 8,996 ) — ( 8,996 ) Amounts reclassified — 83,689 83,689 Net period comprehensive (loss) income ( 8,996 ) 83,689 74,693 Ending balance $ 102,895 $ ( 341,868 ) $ ( 238,973 )

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail)	Feb. 28, 2021shares	Jan. 15, 2020USD ($)Subsidiary$ / sharesshares	Sep. 30, 2021$ / sharesshares	Sep. 30, 2020shares
Number of subsidiaries | Subsidiary		2
Shares issued during period		5,657,735
Shares issued, price per share | $ / shares		$ 10
Net proceeds from issuance of common stock | $		$ 54,600,000
Issuance expenses | $		$ 2,000,000
Option to purchase common shares outstanding			526,119	0
Options exercise price | $ / shares			$ 10.45
Restricted Stock
Restricted stock outstanding			226,519	0
Bogota Savings Bank Charitable Foundation Inc.
Shares issued during period		263,150
Contribution for reorganization | $		$ 250,000
Bogota Financial, MHC
Shares issued during period	1,267,916	7,236,640

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic and Diluted (Detail) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income	$ 1,042,175	$ 1,438,724	$ 3,006,307	$ 956,416	$ 1,403,073	$ (1,337,583)	$ 5,487,206	$ 1,021,905
Denominator
Weighted average shares outstanding - basic	14,019,317			12,657,453			13,694,117	12,004,881
Weighted average shares outstanding - diluted	14,019,317			12,657,453			13,694,117	12,004,881
Earning per common share:
Basic	$ 0.07			$ 0.08			$ 0.40	$ 0.09
Diluted	$ 0.07			$ 0.08			$ 0.40	$ 0.09

ACQUISITION OF GIBRALTAR BANK -

ACQUISITION OF GIBRALTAR BANK - Additional Information (Detail) - USD ($)	Feb. 28, 2021	Jan. 15, 2020	Sep. 30, 2021	Mar. 01, 2021
Business Acquisition [Line Items]
Issuance of common stock for initial public offering, net of expenses, shares		5,657,735
Bargain purchase gain			$ 1,933,397
Fair value of purchased financial assets with credit impairment			4,547,261
Gibraltar Bank
Business Acquisition [Line Items]
Bargain purchase gain	$ 1,933,397
Core deposit intangible	$ 400,000
Merger-related expenses			$ 392,000
Estimated useful life	10 years
Fair value of purchased financial assets with credit impairment				$ 82,071,000
Gross contractual amounts receivable relating to purchased financial assets with credit impairment				$ 91,906,000
Gibraltar Bank | PCI Loans
Business Acquisition [Line Items]
Fair value of purchased financial assets with credit impairment	$ 6,100,000
Gross contractual amounts receivable relating to purchased financial assets with credit impairment	$ 8,300,000
Gibraltar Bank | Maximum
Business Acquisition [Line Items]
Measurement period for adjustments to provisional amounts	1 year
Bogota Financial, MHC
Business Acquisition [Line Items]
Issuance of common stock for initial public offering, net of expenses, shares	1,267,916	7,236,640

ACQUISITION OF GIBRALTAR BANK_2

ACQUISITION OF GIBRALTAR BANK - Schedule of Assets Acquired and Liabilities Assumed (Detail) - USD ($)	Feb. 28, 2021	Sep. 30, 2021
Liabilities assumed
Bargain purchase gain recorded at merger		$ 1,933,397
Gibraltar Bank
Business Acquisition [Line Items]
Fair value of Equity acquired	$ 11,500,000
Assets Acquired
Cash and cash equivalents	19,393,090
Securities held to maturity	7,041,949
Federal Home Loan Bank stock and other restricted stock	603,500
Loans receivable	76,763,406
Accrued interest receivable	302,927
Premises and equipment, net	1,428,361
Core deposit intangible	400,000
Deferred taxes	728,330
Other assets	84,281
Total assets acquired	106,745,844
Liabilities assumed
Deposits	81,945,477
Borrowings	10,273,721
Advance payments by borrowers for taxes and insurance	646,661
Accrued expenses and other liabilities	446,588
Total liabilities assumed	93,312,447
Net assets acquired	13,433,397
Bargain purchase gain recorded at merger	1,933,397
Gibraltar Bank | As Recorded by Gibraltar Bank
Assets Acquired
Cash and cash equivalents	19,393,090
Securities held to maturity	7,250,000
Federal Home Loan Bank stock and other restricted stock	603,500
Loans receivable	77,683,903
Allowance for loan loss	(640,232)
Accrued interest receivable	302,927
Premises and equipment, net	348,714
Deferred taxes	913,303
Other assets	362,636
Total assets acquired	106,217,841
Liabilities assumed
Deposits	81,558,612
Borrowings	10,000,000
Advance payments by borrowers for taxes and insurance	646,661
Accrued expenses and other liabilities	446,588
Total liabilities assumed	92,651,861
Gibraltar Bank | Fair Value Adjustments
Assets Acquired
Securities held to maturity	(208,051)
Loans receivable	(920,497)
Allowance for loan loss	640,232
Premises and equipment, net	1,079,647
Core deposit intangible	400,000
Deferred taxes	(184,973)
Other assets	(278,355)
Total assets acquired	528,003
Liabilities assumed
Deposits	386,865
Borrowings	273,721
Total liabilities assumed	$ 660,586

ACQUISITION OF GIBRALTAR BANK_3

ACQUISITION OF GIBRALTAR BANK - Schedule of PCI Loans Acquired Accounted for as Debt Securities (Detail) - Gibraltar Bank $ in Thousands	Mar. 01, 2021USD ($)
Business Acquisition [Line Items]
Contractually required principal and interest at acquisition	$ 8,346
Contractual cash flows not expected to be collected (nonaccretable difference)	(1,412)
Expected cash flows at acquisition	6,934
Interest component of expected cash flows (accretable discount)	(846)
Fair value of acquired PCI loans	$ 6,088

ACQUISITION OF GIBRALTAR BANK_4

ACQUISITION OF GIBRALTAR BANK - Schedule of Loans Acquired Not Identified as PCI Loans (Detail) - USD ($)	Sep. 30, 2021	Mar. 01, 2021
Business Acquisition [Line Items]
Interest component of expected cash flows (accretable premium)	$ 172,694
Fair value of acquired loans accounted for under FASB ASC 310-30	$ 4,547,261
Gibraltar Bank
Business Acquisition [Line Items]
Contractually required principal at acquisition		$ 91,906,000
Contractual cash flows not expected to be collected (credit mark)		(9,978,000)
Expected cash flows at acquisition		81,928,000
Interest component of expected cash flows (accretable premium)		143,000
Fair value of acquired loans accounted for under FASB ASC 310-30		$ 82,071,000

ACQUISITION OF GIBRALTAR BANK_5

ACQUISITION OF GIBRALTAR BANK - Schedule of Business Acquisition Actual Operating Results (Detail) - USD ($)	3 Months Ended						7 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Net interest income	$ 5,075,613			$ 3,594,152				$ 14,429,388	$ 9,963,932
Non-interest income	374,412			108,053				3,226,306	997,081
Non-interest expense	3,776,106			2,394,020				10,785,685	9,626,327
Income before income taxes	1,648,919			1,283,185				6,958,009	1,059,686
Income tax expense	606,744			326,769				1,470,803	37,781
Net income	$ 1,042,175	$ 1,438,724	$ 3,006,307	$ 956,416	$ 1,403,073	$ (1,337,583)		$ 5,487,206	$ 1,021,905
Gibraltar Bank
Business Acquisition [Line Items]
Net interest income							$ 1,479,000
Non-interest income							1,050,000
Non-interest expense							357,000
Income before income taxes							2,172,000
Income tax expense							611,000
Net income							$ 1,561,000

SECURITIES AVAILABLE FOR SALE -

SECURITIES AVAILABLE FOR SALE - Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 18,060,031	$ 11,730,615
Gross Unrealized Gains	160,730	146,787
Gross Unrealized Losses	(8,214)	(6,894)
Fair Value	18,212,547	11,870,508
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Corporate bonds due in Less than one year, Amortized Cost		1,001,354
Corporate bonds due in One through five years, Amortized Cost	5,377,667	5,369,527
Corporate bonds due in Five through ten years, Amortized Cost	1,002,690
Corporate bonds due in Less than one year, Gross Unrealized Gains		954
Corporate bonds due in One through five years, Gross Unrealized Gains	41,596	31,407
Corporate bonds due in Five through ten years, Gross Unrealized Gains	7,567
Corporate bonds due in One through five years, Gross Unrealized Losses		(4,186)
Corporate bonds due in Less than one year, Fair Value		1,002,308
Corporate bonds due in One through five years, Fair Value	5,419,263	5,396,748
Corporate bonds due in Five through ten years, Fair Value	1,010,257
Residential Mortgage Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,449,748	5,359,734
Gross Unrealized Gains	111,567	114,426
Gross Unrealized Losses	(1,560)	(2,708)
Fair Value	9,559,755	$ 5,471,452
Commercial Mortgage Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,229,927
Gross Unrealized Losses	(6,654)
Fair Value	$ 2,223,273

SECURITIES AVAILABLE FOR SALE_2

SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Interest – bearing deposits in other | Collateral Pledged
Schedule Of Available For Sale Securities [Line Items]
Debt securities, available-for-sale, restricted	$ 171,699		$ 214,229
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Schedule Of Available For Sale Securities [Line Items]
Sales of available-for-sale securities	$ 0	$ 0
Percent of MSB issued	100.00%

SECURITIES AVAILABLE FOR SALE_3

SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	$ 2,223,273	$ 271,340
Unrealized Losses, Less Than 12 Months	(6,654)	(2,708)
Fair Value, 12 Months or More	257,976	2,005,441
Unrealized Losses, 12 Months or More	(1,560)	(4,186)
Fair Value, Total	2,481,249	2,276,781
Unrealized Losses, Total	(8,214)	(6,894)
Corporate Bonds
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, 12 Months or More		2,005,441
Unrealized Losses, 12 Months or More		(4,186)
Fair Value, Total		2,005,441
Unrealized Losses, Total		(4,186)
Residential Mortgage Backed Securities
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months		271,340
Unrealized Losses, Less Than 12 Months		(2,708)
Fair Value, 12 Months or More	257,976
Unrealized Losses, 12 Months or More	(1,560)
Fair Value, Total	257,976	271,340
Unrealized Losses, Total	(1,560)	$ (2,708)
Commercial Mortgage Backed Securities
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	2,223,273
Unrealized Losses, Less Than 12 Months	(6,654)
Fair Value, Total	2,223,273
Unrealized Losses, Total	$ (6,654)

SECURITIES HELD TO MATURITY - S

SECURITIES HELD TO MATURITY - Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Amortized Cost	$ 75,020,011	$ 57,504,443
Gross Unrealized Gains	1,287,268	1,445,151
Gross Unrealized Losses	(402,289)	(77,143)
Fair Value	75,904,990	58,872,451
U.S. Government-sponsored Agencies
Marketable Securities [Line Items]
Securities held to maturity, due in more than ten years, Amortized Cost	500,569
Securities held to maturity, due in more than ten years, Gross Unrealized Gains	193
Securities held to maturity, due in more than ten years, Fair Value	500,762
Corporate Bonds
Marketable Securities [Line Items]
Securities held to maturity, due in Less than one year, Amortized Cost		1,501,179
Securities held to maturity, due in One through five years, Amortized Cost		8,635,831
Securities held to maturity, due in Five through ten years, Amortized Cost	13,674,044
Securities held to maturity, due in Less than one year, Gross Unrealized Gains		13,616
Securities held to maturity, due in One through five years, Gross Unrealized Gains		221,716
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	480,996
Securities held to maturity, due in One through five years, Gross Unrealized Losses		(2,520)
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses	(26,307)
Securities held to maturity, due in Less than one year, Fair Value		1,514,795
Securities held to maturity, due in One through five years, Fair Value		8,855,027
Securities held to maturity, due in Five through ten years, Fair Value	14,128,733
Municipal Obligations
Marketable Securities [Line Items]
Securities held to maturity, due in Less than one year, Amortized Cost	4,006,508	2,764,079
Securities held to maturity, due in One through five years, Amortized Cost	320,000	1,057,609
Securities held to maturity, due in Five through ten years, Amortized Cost	375,000	375,000
Securities held to maturity, due in more than ten years, Amortized Cost	1,223,516
Securities held to maturity, due in Less than one year, Gross Unrealized Gains	11,935	4,944
Securities held to maturity, due in One through five years, Gross Unrealized Gains	6,944	30,492
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	30,848	32,201
Securities held to maturity, due in more than ten years, Gross Unrealized Gains	100
Securities held to maturity, due in Less than one year, Gross Unrealized Losses	(5,112)	(141)
Securities held to maturity, due in Less than one year, Fair Value	4,013,331	2,768,882
Securities held to maturity, due in One through five years, Fair Value	326,944	1,088,101
Securities held to maturity, due in Five through ten years, Fair Value	405,848	407,201
Securities held to maturity, due in more than ten years, Fair Value	1,223,616
Residential Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	18,036,058	11,906,884
Gross Unrealized Gains	162,791	144,863
Gross Unrealized Losses	(156,333)	(15,440)
Fair Value	18,042,516	12,036,307
Commercial Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	36,884,316	31,263,861
Gross Unrealized Gains	593,461	997,319
Gross Unrealized Losses	(214,537)	(59,042)
Fair Value	$ 37,263,240	$ 32,202,138

SECURITIES HELD TO MATURITY -_2

SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	$ 22,684,415	$ 7,240,085
Unrealized Losses, Less Than 12 Months	(263,783)	(77,143)
Fair Value, 12 Months or More	2,565,821
Unrealized Losses, 12 Months or More	(138,506)
Fair Value, Total	22,766,257	7,240,085
Unrealized Losses, Total	(402,289)	(77,143)
Corporate Bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	3,160,897	747,480
Unrealized Losses, Less Than 12 Months	(26,307)	(2,520)
Fair Value, Total	3,160,897	747,480
Unrealized Losses, Total	(26,307)	(2,520)
Municipal Bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	2,944,888	1,436,454
Unrealized Losses, Less Than 12 Months	(5,112)	(141)
Fair Value, Total	2,944,888	1,436,454
Unrealized Losses, Total	(5,112)	(141)
MBSs - residential
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	6,200,644	2,403,485
Unrealized Losses, Less Than 12 Months	(155,293)	(15,440)
Fair Value, 12 Months or More	81,842
Unrealized Losses, 12 Months or More	(1,040)
Fair Value, Total	6,282,486	2,403,485
Unrealized Losses, Total	(156,333)	(15,440)
MBSs commercial
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	10,377,986	2,652,666
Unrealized Losses, Less Than 12 Months	(77,071)	(59,042)
Fair Value, 12 Months or More	2,483,979
Unrealized Losses, 12 Months or More	(137,466)
Fair Value, Total	10,377,986	2,652,666
Unrealized Losses, Total	$ (214,537)	$ (59,042)

SECURITIES HELD TO MATURITY - A

SECURITIES HELD TO MATURITY - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Interest – bearing deposits in other
Schedule Of Held To Maturity Securities [Line Items]
Debt securities, held to maturity, restricted	$ 4,704,609	$ 4,327,429
Collateral Pledged | Federal Funds Purchased and Securities Sold under Agreements to Repurchase
Schedule Of Held To Maturity Securities [Line Items]
Debt securities, held to maturity, restricted	$ 8,366,498	$ 11,057,973

LOANS - Summary of loans receiv

LOANS - Summary of loans receivable (Detail) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total loans	$ 582,067,810		$ 559,932,027
Allowance for loan losses	(2,153,174)	$ (2,128,174)	(2,241,174)	$ (2,316,174)	$ (2,266,174)	$ (2,016,174)
Net loans	579,914,636		557,690,853
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	10,151,860		13,652,248
Allowance for loan losses	(8,800)	(8,480)	(14,000)	(15,000)	(16,000)	(9,000)
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	28,356,794		24,713,380
Allowance for loan losses	(88,800)	(86,000)	(87,000)	(88,500)	(88,000)	(86,000)
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	328,878,125		340,000,989
Allowance for loan losses	(1,322,574)	(1,126,694)	(1,254,174)	(1,332,174)	(1,357,674)	(1,383,174)
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	177,530,098		171,634,451
Allowance for loan losses	(557,500)	(853,000)	(841,000)	(840,000)	(770,000)	(512,000)
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	37,150,933		9,930,959
Allowance for loan losses	(175,500)	$ (54,000)	(45,000)	$ (40,500)	$ (34,500)	$ (26,000)
Home Equity and Other | Consumer
Financing Receivable, Past Due [Line Items]
Total loans	$ 28,356,794		$ 24,713,380

LOANS - Additional Information

LOANS - Additional Information (Detail)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended	16 Months Ended
	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020Loan	Jun. 30, 2021USD ($)Application	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020Loan	Dec. 31, 2020USD ($)LoanApplication	Sep. 30, 2021USD ($)Loan
Financing Receivable, Past Due [Line Items]
Loans receivable from related parties	$ 589,491			$ 589,491		$ 748,662	$ 589,491
Deferred loan fees	1,291,544			1,291,544		1,844,233	1,291,544
PCI loans acquired				217,789
Loan receivable outstanding balance	582,067,810			582,067,810		559,932,027	582,067,810
Impaired Financing Receivable, with Related Allowance, Recorded Investment	175,339			175,339		177,641	175,339
Amount of allowance for loan losses allocated	35,859			35,859		35,859	35,859
Gibraltar Bank
Financing Receivable, Past Due [Line Items]
PCI loans acquired				5,700,000
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loan receivable outstanding balance	10,151,860			10,151,860		$ 13,652,248	10,151,860
Number of troubled debt restructured loans | Loan						1
Troubled debt restructured loans						$ 177,641
Paycheck Protection Program | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Number of applications received and processed | Application			54			113
Loans received and processed			$ 6,900,000			$ 10,500,000
Forgiveness applications processed outstanding amount							9,000,000
Loan receivable outstanding balance	8,200,000			8,200,000			8,200,000
Residential | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loan receivable outstanding balance	$ 328,878,125			$ 328,878,125		$ 340,000,989	$ 328,878,125
Number of troubled debt restructured loans | Loan	4			4		4	4
Troubled debt restructured loans	$ 733,721			$ 733,721		$ 750,035	$ 733,721
Impaired Financing Receivable, with Related Allowance, Recorded Investment	175,339			175,339		177,641	175,339
Specific reserve for troubled debt restructured loans	35,859			35,859			35,859
Amount of allowance for loan losses allocated	$ 35,859			$ 35,859		35,859	35,859
Financing receivable, modifications, number of contracts | Loan				0	0
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | Loan	0	0		0	0
Other real estate owned	$ 0			$ 0		$ 0	$ 0

LOANS - Schedule of Changes in

LOANS - Schedule of Changes in Accretable Yield for PCI Loans (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Receivables [Abstract]
Acquisition	$ 217,789
Accretion	(45,095)
Balance at the end of period	$ 172,694

LOANS - Summary of activity in

LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 2,128,174	$ 2,266,174	$ 2,241,174	$ 2,016,174
(Credit) provision for loan losses	25,000	25,000	(88,000)	275,000
Recoveries		25,000		25,000
Ending balance	2,153,174	2,316,174	2,153,174	2,316,174
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Beginning balance	1,126,694	1,357,674	1,254,174	1,383,174
(Credit) provision for loan losses	195,880	(50,500)	68,400	(76,000)
Recoveries		25,000		25,000
Ending balance	1,322,574	1,332,174	1,322,574	1,332,174
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Beginning balance	853,000	770,000	841,000	512,000
(Credit) provision for loan losses	(295,500)	70,000	(283,500)	328,000
Ending balance	557,500	840,000	557,500	840,000
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Beginning balance	54,000	34,500	45,000	26,000
(Credit) provision for loan losses	121,500	6,000	130,500	14,500
Ending balance	175,500	40,500	175,500	40,500
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Beginning balance	8,480	16,000	14,000	9,000
(Credit) provision for loan losses	320	(1,000)	(5,200)	6,000
Ending balance	8,800	15,000	8,800	15,000
Consumer
Financing Receivable, Past Due [Line Items]
Beginning balance	86,000	88,000	87,000	86,000
(Credit) provision for loan losses	2,800	500	1,800	2,500
Ending balance	$ 88,800	$ 88,500	$ 88,800	$ 88,500

LOANS - Summary of allowance fo

LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	$ 35,859		$ 35,859
Collectively evaluated for impairment	2,117,315		2,205,315
Total ending allowance balance	2,153,174	$ 2,128,174	2,241,174	$ 2,316,174	$ 2,266,174	$ 2,016,174
Loans individually evaluated for impairment	2,314,633		1,324,767
Loans collectively evaluated for impairment	575,205,916		558,607,260
Loans acquired with deteriorated credit quality	4,547,261
Total ending loan balance	582,067,810		559,932,027
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	35,859		35,859
Collectively evaluated for impairment	1,286,715		1,218,315
Total ending allowance balance	1,322,574	1,126,694	1,254,174	1,332,174	1,357,674	1,383,174
Loans individually evaluated for impairment	2,273,914		1,082,371
Loans collectively evaluated for impairment	323,033,236		338,918,618
Loans acquired with deteriorated credit quality	3,570,975
Total ending loan balance	328,878,125		340,000,989
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	557,500		841,000
Total ending allowance balance	557,500	853,000	841,000	840,000	770,000	512,000
Loans individually evaluated for impairment			223,352
Loans collectively evaluated for impairment	176,573,114		171,411,099
Loans acquired with deteriorated credit quality	956,984
Total ending loan balance	177,530,098		171,634,451
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	175,500		45,000
Total ending allowance balance	175,500	54,000	45,000	40,500	34,500	26,000
Loans collectively evaluated for impairment	37,150,933		9,930,959
Total ending loan balance	37,150,933		9,930,959
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	8,800		14,000
Total ending allowance balance	8,800	8,480	14,000	15,000	16,000	9,000
Loans collectively evaluated for impairment	10,151,860		13,652,248
Total ending loan balance	10,151,860		13,652,248
Consumer
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	88,800		87,000
Total ending allowance balance	88,800	$ 86,000	87,000	$ 88,500	$ 88,000	$ 86,000
Loans individually evaluated for impairment	40,719		19,044
Loans collectively evaluated for impairment	28,296,773		24,694,336
Loans acquired with deteriorated credit quality	19,302
Total ending loan balance	$ 28,356,794		$ 24,713,380

LOANS - Summary of impaired loa

LOANS - Summary of impaired loans (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	$ 2,139,294		$ 2,139,294		$ 1,147,126
Loans with an allowance recorded	175,339		175,339		177,641
Amount of allowance for loan losses allocated	35,859		35,859		35,859
Average of individually impaired loans	1,886,621	$ 1,163,144	1,708,976	$ 1,250,452
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	2,098,727		2,098,727		904,730
Loans with an allowance recorded	175,339		175,339		177,641
Amount of allowance for loan losses allocated	35,859		35,859		35,859
Average of individually impaired loans	1,745,580	1,143,912	1,534,737	1,231,099
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded					223,352
Average of individually impaired loans	111,267	225,714	148,084	227,226
Home equity & other consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	40,567		40,567		$ 19,044
Average of individually impaired loans	$ 29,774	$ 19,232	$ 26,155	$ 19,353

LOANS - Summary of recorded inv

LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 753,783	$ 692,583
Consumer
Financing Receivable, Past Due [Line Items]
Nonaccrual	18,639	19,044
Residential | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Nonaccrual	735,144	$ 673,539
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 0

LOANS - Summary of aging of loa

LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 1,409,011	$ 887,507
Loans Not Past Due	576,111,538	559,044,520
Loans acquired with deteriorated credit quality	4,547,261
Total ending loan balance	582,067,810	559,932,027
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Loans Past Due	992,354
Loans Not Past Due	9,159,506	13,652,248
Loans acquired with deteriorated credit quality	0
Total ending loan balance	10,151,860	13,652,248
Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	21,692
Loans Not Past Due	28,315,800
Loans acquired with deteriorated credit quality	19,302
Total ending loan balance	28,356,794	24,713,380
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	394,965	727,125
Loans Not Past Due	324,912,185	339,273,864
Loans acquired with deteriorated credit quality	3,570,975
Total ending loan balance	328,878,125	340,000,989
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	0
Loans Not Past Due	176,573,114	171,634,451
Loans acquired with deteriorated credit quality	956,984
Total ending loan balance	177,530,098	171,634,451
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	37,150,933	9,930,959
Total ending loan balance	37,150,933	9,930,959
Home Equity Loan | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		160,382
Loans Not Past Due		24,552,998
Total ending loan balance	28,356,794	24,713,380
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	0	160,382
30-59 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	0
30-59 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	0
30-59 Days Past Due | Home Equity Loan | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		160,382
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	1,296,004	702,497
60-89 Days Past Due | Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Loans Past Due	992,354
60-89 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	21,692
60-89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	281,958	702,497
Greater than 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	113,007	24,628
Greater than 89 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	0
Greater than 89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 113,007	$ 24,628

LOANS - Summary of loans rece_2

LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total	$ 582,067,810	$ 559,932,027
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total	10,151,860	13,652,248
Consumer
Financing Receivable, Past Due [Line Items]
Total	28,356,794	24,713,380
Pass
Financing Receivable, Past Due [Line Items]
Total	578,544,373	557,246,186
Pass | Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total	10,151,860	13,652,248
Pass | Consumer
Financing Receivable, Past Due [Line Items]
Total	28,316,227	24,694,336
Special Mention
Financing Receivable, Past Due [Line Items]
Total	822,742	567,766
Special Mention | Consumer
Financing Receivable, Past Due [Line Items]
Total	21,928
Substandard
Financing Receivable, Past Due [Line Items]
Total	2,700,695	2,118,075
Substandard | Consumer
Financing Receivable, Past Due [Line Items]
Total	18,639	19,044
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	328,878,125	340,000,989
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	327,094,032	338,786,939
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	800,814	567,766
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	983,279	646,284
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	177,530,098	171,634,451
Commercial and Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	175,831,321	170,181,704
Commercial and Multi-Family Real Estate | Substandard | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	1,698,777	1,452,747
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	37,150,933	9,930,959
Construction | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	$ 37,150,933	$ 9,930,959

STOCK BASED COMPENSATION - Addi

STOCK BASED COMPENSATION - Additional Information (Detail) - USD ($)	Sep. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options awarded				526,119
Grant date fair value of options awarded				$ 10.45
Cash dividends of common stock paid				$ 0
Number of non-vested options outstanding		526,119	0	526,119	0
Weighted average period of non-vested options				6 years 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded				226,519
Grant date fair value of shares awarded				$ 10.45
Number of non-vested restricted shares outstanding		226,519	0	226,519	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value assumption, expected life				6 years 6 months
Fair value assumption, risk-free rate of return				0.904%
Fair value assumption, volatility rate				41.10%
Fair value assumption, dividend yield				0.00%
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options awarded	526,119
Exercise price of stock options granted	$ 10.45
2021 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance						902,602
2021 Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance						257,887
Number of shares awarded	226,519
Service period of shares granted	5 years
Grant date fair value of shares awarded	$ 10.45
Expense of awards recognized		$ 39,000	$ 0	$ 39,000	$ 0
Number of non-vested restricted shares outstanding		226,519		226,519
Expected future compensation expense related to non-vested shares				$ 2,400,000
Weighted average period of non-vested restricted shares				5 years
2021 Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance						644,718
Service period of shares granted	5 years
Expense of awards recognized		$ 38,000	$ 0	$ 38,000	$ 0
Expected future compensation expense related to non-vested shares				$ 2,300,000
Vesting period of non-vested options				5 years
Grant date fair value of options awarded	$ 4.37
Expiration period of shares granted	10 years
Number of non-vested options outstanding		526,119		526,119

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of Restricted Stock Activity (Detail) - Restricted Stock	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Restricted Shares, Granted | shares	226,519
Number of Restricted Shares, Outstanding, Ending balance | shares	226,519
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 10.45
Weighted Average Grant Date Fair Value, Outstanding, Ending balance | $ / shares	$ 10.45

STOCK BASED COMPENSATION - Su_2

STOCK BASED COMPENSATION - Summary of Option Activity (Detail)	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Number of Stock Options, Granted | shares	526,119
Number of Stock Options, Outstanding, Ending balance | shares	526,119
Weighted Average Exercise Price
Weighted Average Exercise Price, Granted | $ / shares	$ 10.45
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares	$ 10.45
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term, Outstanding	6 years 6 months
Weighted Average Remaining Contractual Term, Granted	6 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award Options Non-vested Aggregate Intrinsic Value [Abstract]
Aggregate Intrinsic Value, Outstanding | $	$ 100,000
Aggregate Intrinsic Value, Granted | $	$ 100,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Summary of outstanding firm commitments (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fixed Rate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	$ 15,759,925	$ 12,489,000
Fixed Rate | Residential Mortgage Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	9,503,675	8,524,000
Fixed Rate | Commercial Real Estate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	736,250	1,830,000
Fixed Rate | Construction
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	5,520,000
Fixed Rate | Home Equity Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments		2,135,000
Variable Rate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	768,000	6,175,000
Variable Rate | Residential Mortgage Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments		1,500,000
Variable Rate | Commercial Real Estate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments		$ 4,675,000
Variable Rate | Commercial and Industrial
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	50,000
Variable Rate | Home Equity Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	$ 718,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Commitments and Contingencies [Line Items]
Period of loans commitments	Commitments to make loans are generally made for periods of 90 days or less.
Operating leases, rent expense	$ 111,872	$ 28,677
Home Equity Loan
Commitments and Contingencies [Line Items]
Undisbursed loan funds	49,050,699		$ 41,774,944
Business Line of Credit
Commitments and Contingencies [Line Items]
Undisbursed loan funds	$ 416,065		$ 427,827
Minimum
Commitments and Contingencies [Line Items]
Interest rate	2.50%
Maturity term	10 years
Maximum
Commitments and Contingencies [Line Items]
Interest rate	4.50%
Maturity term	30 years

FAIR VALUE - Summary of assets

FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 18,212,547	$ 11,870,508
MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	9,559,755	5,471,452
MBSs - commercial
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	2,223,273
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	18,212,547	11,870,508
Fair Value, Recurring Basis | Corporate Bonds | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,429,520	6,399,056
Fair Value, Recurring Basis | MBSs - residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	9,559,755	5,471,452
Fair Value, Recurring Basis | MBSs - commercial | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	2,223,273
Fair Value, Recurring Basis | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	18,212,547	11,870,508
Fair Value, Recurring Basis | Carrying Value | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,429,520	6,399,056
Fair Value, Recurring Basis | Carrying Value | MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	9,559,755	$ 5,471,452
Fair Value, Recurring Basis | Carrying Value | MBSs - commercial
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 2,223,273

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Detail)	Sep. 30, 2021USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers, amount	$ 0
Fair value assets, level 2 to level 1 transfers, amount	0
Fair value liabilities, level 1 to level 2 transfers, amount	0
Fair value liabilities, level 2 to level 1 transfers, amount	$ 0

FAIR VALUE - Summary of carryin

FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financial instruments - assets
Cash and due from banks	$ 116,329,000	$ 80,386,000
Investment securities held-to-maturity	75,904,990	58,872,451
Loans	576,556,000	544,392,000
Financial instruments - liabilities
Certificates of deposit	374,109,000	359,465,000
Borrowings	91,000,000	106,159,000
Fair Value Measurement Placement (Level 1)
Financial instruments - assets
Cash and due from banks	116,329,000	80,386,000
Fair Value Measurement Placement (Level 2)
Financial instruments - assets
Investment securities held-to-maturity	75,905,000	58,872,000
Financial instruments - liabilities
Certificates of deposit	374,109,000	359,465,000
Borrowings	91,000,000	106,159,000
Fair Value Measurement Placement (Level 3)
Financial instruments - assets
Loans	576,556,000	544,392,000
Carrying Value
Financial instruments - assets
Cash and due from banks	116,329,000	80,386,000
Investment securities held-to-maturity	75,020,000	57,504,000
Loans	579,915,000	557,691,000
Financial instruments - liabilities
Certificates of deposit	372,644,000	356,364,000
Borrowings	$ 90,103,000	$ 104,291,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 144,622,102	$ 126,331,951	$ 128,468,076	$ 74,977,847
Comprehensive (loss) income	1,061,869	1,016,855	5,590,425	1,096,598
Ending balance	145,615,116	127,399,899	145,615,116	127,399,899
Unrealized gain and losses on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	121,332	70,352	100,569	111,892
Other comprehensive gain (loss)	(11,689)		9,074	(8,996)
Other comprehensive gain before reclassification		32,543
Comprehensive (loss) income	(11,689)	32,543	9,074	(8,996)
Ending balance	109,643	102,895	109,643	102,895
Benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(310,820)	(369,764)	(373,582)	(425,557)
Amounts reclassified	31,383	27,896	94,145	83,689
Comprehensive (loss) income	31,383	27,896	94,145	83,689
Ending balance	(279,437)	(341,868)	(279,437)	(341,868)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(189,488)	(299,412)	(273,013)	(313,665)
Other comprehensive gain (loss)	(11,689)		9,074	(8,996)
Other comprehensive gain before reclassification		32,543
Amounts reclassified	31,383	27,896	94,145	83,689
Comprehensive (loss) income	19,694	60,439	103,219	74,693
Ending balance	$ (169,794)	$ (238,973)	$ (169,794)	$ (238,973)

EMPLOYEE STOCK OWNERSHIP PLAN -

EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
ESOP shares issued	515,775		515,775
ESOP percentage of shares issued	4.00%		4.00%
ESOP, Number of shares to be allocated	25,789		25,789
ESOP expenses incurred	$ 67,000	$ 51,000	$ 192,166	$ 162,816