Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 29, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | Bogota Financial Corp. | ||
Entity Central Index Key | 0001787414 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
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 | 14,461,555 | ||
Entity Public Float | $ 50 | ||
Trading Symbol | BSBK | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | 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 | ||
Documents Incorporated by Reference | 1. Portions of the Proxy Statement for the 2022 Annual Meeting of Stockholders (Part III) | ||
Auditor Firm ID | 74 | ||
Auditor Name | S. R. Snodgrass P.C. | ||
Auditor Location | Cranbury Township, PA | ||
Bogota Financial, MHC | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,772,472 | ||
Crowe LLP | |||
Document Information [Line Items] | |||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | New York, NY |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 14,446,792 | $ 5,957,564 |
Interest-bearing deposits in other banks | 90,621,993 | 74,428,175 |
Cash and cash equivalents | 105,068,785 | 80,385,739 |
Securities available for sale | 41,838,798 | 11,870,508 |
Securities held to maturity (fair value of $74,081,059 and $58,872,451 respectively) | 74,053,099 | 57,504,443 |
Loans held for sale | 1,152,500 | |
Loans, net of allowance $2,153,174 and $2,241,174, respectively | 570,209,669 | 557,690,853 |
Premises and equipment, net | 8,127,979 | 5,671,097 |
Federal Home Loan Bank (“FHLB”) stock | 4,851,300 | 5,858,100 |
Accrued interest receivable | 2,712,605 | 2,855,425 |
Core deposit intangibles | 336,364 | |
Bank owned life insurance | 24,524,122 | 16,915,637 |
Other assets | 4,486,366 | 2,153,076 |
Total assets | 837,361,587 | 740,904,878 |
Deposits | ||
Non-interest bearing | 39,317,500 | 27,061,629 |
Interest bearing | 558,162,278 | 474,911,402 |
Total Deposits | 597,479,778 | 501,973,031 |
FHLB advances | 85,051,736 | 104,290,920 |
Advance payments by borrowers for taxes and insurance | 2,856,120 | 2,560,089 |
Other liabilities | 4,397,742 | 3,612,762 |
Total liabilities | 689,785,376 | 612,436,802 |
Commitments & Contingencies | ||
Stockholders' Equity | ||
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at December 31, 2021 and 2020 | ||
Common stock $0.01 par value, 30,000,000 shares authorized, 14,605,809 issued and outstanding at December 31, 2021 and $13,157,525 issued and outstanding at December 31, 2020 | 146,057 | 131,575 |
Additional Paid-In capital | 68,247,204 | 56,975,187 |
Retained earnings | 84,879,812 | 77,359,737 |
Unearned ESOP shares (463,239 shares as of December 31, 2021 and 489,983 shares as of December 31, 2020) | (5,424,206) | (5,725,410) |
Accumulated other comprehensive loss | (272,656) | (273,013) |
Total stockholders' equity | 147,576,211 | 128,468,076 |
Total liabilities and stockholders' equity | $ 837,361,587 | $ 740,904,878 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Financial Position [Abstract] | ||
Fair value of Securities Maturities | $ 74,081,059 | $ 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 | 14,605,809 | 13,157,525 |
Common shares outstanding | 14,605,809 | 13,157,525 |
Unearned ESOP Shares | 463,239 | 489,983 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | ||
Loans | $ 22,672,097 | $ 20,870,655 |
Securities | ||
Taxable | 1,912,146 | 1,563,721 |
Tax-exempt | 58,888 | 50,853 |
Other interest-earning assets | 424,539 | 791,033 |
Total interest income | 25,067,670 | 23,276,262 |
Interest expense | ||
Deposits | 4,271,109 | 7,762,642 |
FHLB of New York advances | 1,519,302 | 1,915,991 |
Total interest expense | 5,790,411 | 9,678,633 |
Net interest income | 19,277,259 | 13,597,629 |
Provision (credit) for loan losses | (88,000) | 200,000 |
Net interest income after provision (credit) for loan losses | 19,365,259 | 13,397,629 |
Non-interest income | ||
Fees and service charges | 136,211 | 58,946 |
Gain on sale of loans | 786,424 | |
Bargain purchase gain | 1,950,970 | |
Bank owned life insurance | 1,436,453 | 1,027,703 |
Other | 183,454 | 18,986 |
Total non-interest income | 4,493,512 | 1,105,635 |
Non-interest expenses | ||
Salaries and employee benefits | 7,743,694 | 5,132,372 |
Occupancy and equipment | 1,261,306 | 658,854 |
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | 217,300 | 161,000 |
Data processing | 1,036,203 | 714,109 |
Advertising | 276,665 | 177,773 |
Director fees | 873,008 | 733,102 |
Professional fees | 735,067 | 865,209 |
Merger costs | 392,197 | |
Core conversion costs | 730,000 | |
Contribution to Charitable Foundation | 2,881,500 | |
Other | 1,198,081 | 673,815 |
Total non-interest expenses | 14,463,521 | 11,997,734 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 9,395,250 | 2,505,530 |
Provision for income taxes | 1,875,175 | 437,305 |
Net income | $ 7,520,075 | $ 2,068,225 |
Basic earnings per share - basic | $ 0.55 | $ 0.17 |
Earnings per share - diluted | $ 0.54 | $ 0.17 |
Weighted average shares outstanding | 13,725,884 | 12,170,610 |
Weighted average shares outstanding - diluted | 13,897,645 | 12,170,610 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 7,520,075 | $ 2,068,225 |
Unrealized gains/losses on securities available for sale: | ||
Unrealized holding loss arising during the period | (116,026) | (15,751) |
Tax effect | 32,615 | 4,428 |
Net of tax | (83,411) | (11,323) |
Defined benefit retirement plans: | ||
Net loss arising during the period including changes in assumptions | (39,131) | (74,789) |
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits | 155,653 | 147,087 |
Tax effect, income tax benefit | (32,754) | (20,323) |
Net of tax | 83,768 | 51,975 |
Total other comprehensive income | 357 | 40,652 |
Comprehensive income | $ 7,520,432 | $ 2,108,877 |
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 | Accumulates Other Comprehensive Income (Loss) | Unearned ESOP shares |
Beginning balance at Dec. 31, 2019 | $ 74,977,847 | $ 75,291,512 | $ (313,665) | ||||||
Net income | 2,068,225 | 2,068,225 | |||||||
Other comprehensive income (loss) | 40,652 | 40,652 | |||||||
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) | |||||||
ESOP shares released | 218,714 | (78,775) | 297,489 | ||||||
Ending balance at Dec. 31, 2020 | 128,468,076 | $ 131,575 | 56,975,187 | 77,359,737 | (273,013) | (5,725,410) | |||
Ending balance, shares at Dec. 31, 2020 | 13,157,525 | ||||||||
Net income | 7,520,075 | 7,520,075 | |||||||
Stock Based Compensation | 310,924 | 310,924 | |||||||
Other comprehensive income (loss) | 357 | 357 | |||||||
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 | ||||||||
Issuance of common stock equity plan | $ 2,265 | (2,265) | |||||||
Issuance of common stock equity plan, shares | 226,519 | ||||||||
Stock purchased and retired | (481,468) | $ (462) | (481,006) | ||||||
Stock purchased and retired, shares | (46,151) | ||||||||
ESOP shares released | 258,247 | (42,957) | 301,204 | ||||||
Ending balance at Dec. 31, 2021 | $ 147,576,211 | $ 146,057 | $ 68,247,204 | $ 84,879,812 | $ (272,656) | $ (5,424,206) | |||
Ending balance, shares at Dec. 31, 2021 | 14,605,809 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 7,520,075 | $ 2,068,225 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Bargain purchase gain | (1,950,970) | |
Amortization of intangible assets | (759,054) | |
(Credit) provision for loan losses | (88,000) | 200,000 |
Depreciation of premises and equipment | 416,953 | 272,562 |
Amortization of deferred loan fees | 555,721 | 723,529 |
Amortization of premiums and accretion of discounts on securities, net | 161,191 | 178,202 |
Deferred income tax benefit | 261,277 | (837,306) |
Contribution to the charitable foundation | 2,631,500 | |
Gain on sale of loans | (786,424) | |
Increase in cash surrender value of bank owned life insurance | (544,610) | (369,813) |
Employee stock ownership plan | 258,247 | 218,714 |
Stock based compensation | 310,924 | |
Changes in | ||
Accrued interest receivable | 445,747 | (834,065) |
Net changes in other assets | (827,519) | 1,118,377 |
Net changes in other liabilities | 201,487 | 434,135 |
Net cash provided by operating activities | 5,175,045 | 5,804,060 |
Cash flows from investing activities | ||
Purchases of securities available for sale | (33,988,744) | |
Purchases of securities held to maturity | (43,966,888) | (25,501,413) |
Maturities, calls, and repayments of securities available for sale | 3,975,789 | 1,684,100 |
Maturities, calls, and repayments of securities held to maturity | 34,460,182 | 24,090,287 |
Proceeds from sale of loans | 25,409,776 | |
Loans purchased | (1,869,667) | |
Net (increase) decrease in loans | 38,476,501 | (19,587,498) |
Purchase of bank owned life insurance | (8,000,000) | |
Net cash acquired in merger | 19,393,090 | |
Death benefits proceeds from bank owned life insurance | 863,921 | |
Purchases of premises and equipment | (1,456,720) | (1,746,906) |
Purchase of FHLB stock | (733,900) | (1,104,100) |
Redemption of FHLB stock | 2,364,200 | 918,700 |
Net cash provided by (used in) investing activities | 35,933,286 | (22,252,576) |
Cash flows from financing activities | ||
Net increase in deposits | 13,788,152 | 4,223,579 |
Net increase (decrease) increase in short-term FHLB advances | (6,000,000) | 1,000,000 |
Net increase in advance payments from borrowers for taxes and insurance | (350,631) | (631,617) |
Proceeds from long-term FHLB non-repo advances | 8,000,000 | 15,000,000 |
Repayments of long-term FHLB non-repo advances | (31,381,338) | (8,801,564) |
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 | (481,468) | |
Net cash used in financing activities | (16,425,285) | (31,028,304) |
Net increase (decrease) in cash and cash equivalents | 24,683,046 | (47,476,820) |
Cash and cash equivalents – beginning of year | 80,385,739 | 127,862,559 |
Cash and cash equivalents – end of year | 105,068,785 | 80,385,739 |
Supplemental cash flow information | ||
Subscription offering proceeds used to purchase common stock | 48,843,842 | |
Income taxes paid | 1,705,000 | 1,160,000 |
Interest paid | 5,920,581 | $ 9,678,633 |
Noncash Investing and Financing Items [Abstract] | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 87,370,327 | |
Fair value of liabilities assumed | 93,312,447 | |
Death benefit recorded as other asset | $ 1,827,968 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMA RY 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. which was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at December 31, 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 loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of and examinations by certain federal and state regulatory agencies. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $ 10.00 per share in its subscription offering for gross proceeds of $ 56.6 million. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $ 250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 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.” Acquisition of Gibraltar Bank : On February 28, 2021, the Company completed its acquisition of Gibraltar Bank. As a result of the merger, we acquired three branch offices located in Morris and Essex Counties in New Jersey. In addition, as part of the transaction, the Company issued 1,267,916 shares of its common stock to Bogota Financial, MHC. The conversion and consolidation of data processing platforms, systems and customer files occurred on August 16, 2021. 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 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 twelve-month period ended December 31, 2021, options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the calculation of diluted EPS because the options were anti-dilutive. The Company did no t have any outstanding stock options or shares of restricted stock for the year ended December 31, 2020. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the twelve ended December 31, 2021. For the twelve months For the twelve months Net income $ 7,520,075 $ 2,068,225 Basic earnings per share: Weighted average shares outstanding - basic 13,725,884 12,170,610 Weighted average shares outstanding - diluted 13,897,645 12,170,610 Dilutive securities 171,761 — Basic earnings per share - basic $ 0.55 $ 0.17 Basic earnings per share - diluted $ 0.54 $ 0.17 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 affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Cash Flows : Cash and cash equivalents include cash and deposits with other banks with maturities within one year. Net cash flows are reported for customer loan and deposit transactions and short-term FHLB advances. Interest-Bearing Deposits in Other Banks : Interest-bearing deposits in other banks mature within one year and are carried at cost . Securities : Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities (“MBSs”) where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Loans : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The Bank originates real estate, commercial and consumer loans. A substantial portion of the loan portfolio is represented by loans in northern New Jersey. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate values and general economic conditions in this area. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interest income on real estate, commercial and consumer loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days and still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to nonaccrual status in accordance with the Bank’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased by provisions for loan losses charged to operations. Losses are charged to the allowance when all or a portion of a loan is deemed to be uncollectible. Subsequent recoveries of loans previously charged off are credited to the allowance for loan losses when realized. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all principal and interest contractually due. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank reviews loans for impairment that are individually evaluated for collectability in accordance with the Bank’s normal loan review procedures. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Bank determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non‑impaired loans and is based on historical loss experience, adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Bank over the most recent two years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in loans originated and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The Bank consistently applies this methodology to all portfolio segments. The following portfolio segments have been identified: Residential First Mortgage, Commercial and Multi-Family Real Estate, Construction, Commercial and Industrial and Consumer. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 referred to 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. For acquired purchased loans 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 acquisition 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. Residential First Mortgage Loans – Residential first mortgage loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment and other income, but are secured by real property whose value tends to be more easily ascertainable. Credit risk for these types of loans is generally influenced by general economic conditions, the characteristics of individual borrowers and the nature of the loan collateral. Commercial Real Estate Loans – Commercial real estate loans generally have larger balances and involve a greater degree of risk than residential real estate loans, inferring higher potential losses on an individual customer basis. Loan repayment is often dependent on the successful operation and management of the properties and/or businesses occupying the properties, as well as on the collateral securing the loan. Economic events or conditions in the real estate market could have an adverse impact on the cash flows generated by the properties securing the Bank’s commercial real estate loans and on the value of such properties. Construction Loans – Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial and Industrial Loans - A commercial and industrial loan is a loan to a business rather than a loan to an individual consumer. These short-term loans generally have an interest rate based on the prime rate and are secured by collateral owned by the business requesting the loan. Consumer Loans – Consumer loans include home equity lines of credit and home equity loans, which exhibit many of the same credit risk characteristics as residential real estate loans. The amount of home equity line of credit is generally limited to a certain percentage of the appraised value of the property less the balance of the first mortgage. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Mortgage Loan Sales : The Bank has a partnership through the Federal Home Bank of New York (“FHLBNY”) to sell loans within the Mortgage Partnership Finance (“MPF”) Program. The MPF Program gives the Bank another alternative to funding mortgages which may increase profits. It allows the Bank to be competitive in all the fixed-rate products. In addition, the MPF structure capitalizes on the Bank's credit expertise. MPF combines that expertise with the FHLBNY's expertise in handling interest-rate risk. FHLBNY manages the interest rate, the liquidity and the prepayment risks, while the Bank manages the credit and servicing risks. The result involves the member receiving a very competitive price for loans plus fees over time for managing the credit and servicing risks. Loans are sold at origination; gains or losses on the sale of mortgage loans are recognized at the settlement date and are determined by the difference between the net proceeds and the amortized cost. All loans are sold with servicing being retained by the Bank. The outstanding principal balances sold and serviced by the Bank under the program were $ 4,706,056 and $ 10,181,727 at December 31, 2021 and 2020 respectively. Under the program, the first layer of losses is paid by the FHLBNY up to 100 basis points of the total funded amount of loans sold. (the “First Loss Account”). The Bank then provides a second loss credit enhancement obligation, which is equivalent to “AA” credit risk less the First Loss Account. Loan losses beyond the first and second layers are absorbed by the FHLBNY. There are no losses to date on the loans sold under the program. Mortgage servicing rights were $ 523 and $ 5,293 as of December 31, 2021 and 2020, respectively and reported as other assets. Servicing fees totaled $ 4,770 and $ 15,627 for the years ended December 31, 2021 and 2020, respectively. Late fees and ancillary fees related to loan servicing are not material. Premises and Equipment : Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Building and related components are depreciated using the straight-line method with useful lives ranging from fifteen to 39 years . Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from one to ten years . Leasehold improvements are amortized over the shorter of the terms of the respective leases or the estimated lives of the improvements. Federal Home Loan Bank (“FHLB”) Stock : FHLB stock is restricted stock, which is carried at cost, and periodically evaluated for impairment based on ultimate recovery of par value. Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. Dividends are recorded as income on the consolidated statement of financial condition. Bank Owned Life Insurance : The Bank has purchased life insurance policies on certain key employees. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Intangible Assets : Intangible assets, other than goodwill, include core deposit intangibles and mortgage servicing rights (MSRs). Core deposit intangibles are a measure of the value of consumer demand and savings deposits acquired in business combinations accounted for as purchases. The core deposit intangibles are being amortized over 10 years using the sum-of-the-years digits method of amortization, while the covenant not to compete was amortized over four years on a straight line basis. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Advertising Costs : Advertising costs are expensed as incurred. Any direct response advertising conducted by the Bank is immaterial and has not been capitalized. Advertising costs are included in “non-interest expenses” in the consolidated statements of income. Off-Balance-Sheet Financial Instruments : In the ordinary course of business, the Bank enters into off-balance-sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated statement of financial condition when funded. Income Taxes : Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Bank had no unrecognized tax positions as of December 31, 2021 and 2020. The Bank recognizes interest and/or penalties related to income tax matters in income tax expense. Retirement Plans : Pension expense is the net of service and interest cost and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching and safe harbor contributions. Profit sharing expense is based on the amount of contributions made by the Bank as determined by the Board of Directors. Director’s retirement plan expense allocates the benefits over years of service. Supplemental Retirement Plan expense allocates the benefits over years of service. Stock Based Compensation : Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common shares at the date of the grant is used for restricted shares. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Comprehensive Income : Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes net unrealized holding gains and losses on securities available for sale and net unrealized gains and losses on the pension plan which are also recognized as separate components of equity. Loss Contingencies : Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not currently believe that such matters that will have a material effect on the consolidated financial statements. Fair Value of Financial Instruments : Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Operating Segments: While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Bank-wide basis. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Bank. As such, discrete financial information is not available and segment reporting would not be meaningful. New 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. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or re assess previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. |
ACQUISITION OF GIBRALTAR BANK
ACQUISITION OF GIBRALTAR BANK | 12 Months Ended |
Dec. 31, 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 which 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 for no cash consideration. NOTE 2 – ACQUISITION OF GIBRALTAR BANK (Continued) 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 $ 2.0 million and a core deposit intangible of $ 400,000 . 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 restricted stock 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 ( 167,400 ) (f) 745,903 Other assets 362,636 ( 278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 545,576 $ 106,763,417 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 insurance 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 $ 13,450,970 Bargain purchase gain recorded at merger 1,950,970 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 which will be amortized over the remaining life of the loans. (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 over the remaining life of the debt 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 (see Note 7 for details). 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: (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 The following table details the acquired loans that are not PCI as of March 1, 2021 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 Changes in the amortizable yield for purchased credit-impaired loans were as follows for the twelve months ended December 31, 2021: Balance at beginning of period $ — Addition of purchased credit-impaired loans 217,789 Accretion ( 47,714 ) Balance at end of period 170,075 NOTE 2 – ACQUISITION OF GIBRALTAR BANK (Continued) The following table presents actual operating results attributable to Gibraltar Bank since the March 1, 2021 acquisition date through December 31, 2021. This information does not include purchase accounting adjustments or acquisition integration costs. Gibraltar March 1, 2021 to December 31, 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: Amortized Gross Gross Fair Value December 31, 2021 U.S. government and agency obligations $ 3,000,000 $ — $ ( 18,270 ) $ 2,981,730 Corporate bonds due in: Less than one year — — — — One through five years 6,375,068 17,594 ( 636 ) 6,392,026 Five through ten years 1,002,542 3,050 — 1,005,592 MBS – residential 21,695,539 89,297 ( 24,591 ) 21,760,245 MBS – commercial 9,741,782 — $ ( 42,577 ) 9,699,205 Total $ 41,814,931 $ 109,941 $ ( 86,074 ) $ 41,838,798 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 Five through ten years — — — - MBS – 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 MBS 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 years ended December 31, 2021 and 2020. The age of unrealized losses and the fair value of related securities as of December 31, 2021 and 2020 were as follows: Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized December 31, 2021 U.S. government and agency obligations $ 2,981,730 $($ 18,270 ) $ — $ — $ 2,981,730 $($ 18,270 ) Corporate bonds 1,006,523 ( 636 ) — — 1,006,523 ( 636 ) MBS – residential 10,000,558 ( 22,652 ) 250,581 ( 1,939 ) 10,251,139 ( 24,591 ) MBS – commercial 9,699,205 ( 42,577 ) - 9,699,205 ( 42,577 ) Total $ 23,688,016 $ ( 84,135 ) $ 250,581 $ ( 1,939 ) $ 23,938,597 $ ( 86,074 ) Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized December 31, 2020 MBS – residential $ 271,340 $ ( 2,708 ) $ — $ — $ 271,340 $ ( 2,708 ) Corporate bonds — — 2,005,441 ( 4,186 ) 2,005,441 ( 4,186 ) 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. The Bank has 14 securities in a loss position and does not consider these securities to be other-than-temporary impaired at December 31, 2021. At December 31, 2021 and 2020, securities available for sale with a carrying value of $ 0 and $ 214,229 , respectively, were pledged to secure public deposits. |
SECURITIES HELD TO MATURITY
SECURITIES HELD TO MATURITY | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: Amortized Gross Gross Fair Value December 31, 2021 U.S. government and agency obligations $ 3,000,000 $ — $ — $ 3,000,000 Corporate Bonds due in: Less than one year — — — - Five through ten years 13,681,053 410,726 ( 39,870 ) 14,051,909 Municipal obligations due in: - Less than one year 4,006,006 12,668 ( 2,776 ) 4,015,898 One through five years 903,483 — ( 15,399 ) 888,084 More than five years through ten years 375,000 27,353 — 402,353 Greater than ten years 1,732,386 9,527 — 1,741,913 MBS – - Residential 16,913,787 75,094 ( 240,797 ) 16,748,084 Commercial 33,441,384 287,278 ( 495,844 ) 33,232,818 $ 74,053,099 $ 822,646 $($ 794,686 ) $ 74,081,059 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 MBS – Residential 11,906,884 144,863 ( 15,440 ) 12,036,307 Commercial 31,263,861 997,319 ( 59,042 ) 32,202,138 $ 57,504,443 $ 1,445,151 $($ 77,143 ) $ 58,872,451 Mortgage-backed securities include Freddie Mac, Fannie Mae and Ginnie Mae securities, all of which are U.S. government sponsored agencies. 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 More than 12 Months Total Fair Value Unrecognized Fair Value Unrecognized Fair Value Unrecognized December 31, 2021 Corporate bonds $ 3,710,130 $($ 39,870 ) $ — $ — $ 3,710,130 $($ 39,870 ) Municipal obligations 3,835,309 ( 18,175 ) — — 3,835,309 ( 18,175 ) MBS – residential 10,720,544 ( 141,726 ) 2,701,345 ( 99,071 ) 13,421,889 ( 240,797 ) MBS – commercial 7,898,509 ( 197,720 ) 4,653,364 ( 298,124 ) 12,551,873 ( 495,844 ) Total $ 26,164,492 $ ( 397,491 ) $ 7,354,709 $ ( 397,195 ) $ 33,519,201 $ ( 794,686 ) December 31, 2020 Corporate bonds $ 747,480 $($ 2,520 ) $ — $ — $ 747,480 $($ 2,520 ) Municipal obligations 1,436,454 ( 141 ) — — 1,436,454 ( 141 ) MBS – residential 2,403,485 ( 15,440 ) — — 2,403,485 ( 15,440 ) MBS – 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. The Bank has 18 securities in a loss position as of December 31, 2021. At December 31, 2021 and 2020, securities held to maturity with a carrying amount of $ 8,363,997 and $ 11,057,973 , respectively, were pledged to secure repurchase agreements at the FHLB of New York (see Note 9). At December 31, 2021 and 2020, securities held to maturity with a carrying value of $ 3,976,629 and $ 4,327,429 respectively, were pledged to secure public deposits. |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
LOANS | NOTE 5 – LOANS Loans are summarized as follows at December 31: 2021 2020 Real estate: Residential First Mortgage $ 319,968,234 $ 340,000,989 Commercial and Multi-Family Real Estate 175,375,419 171,634,451 Construction 41,384,687 9,930,959 Commercial & Industrial 7,905,524 13,652,248 Consumer: Home equity and other 27,728,979 24,713,380 Total loans 572,362,843 559,932,027 Allowance for loan losses ( 2,153,174 ) ( 2,241,174 ) $ 570,209,669 $ 557,690,853 NOTE 5 - LOANS (Continued) The Bank has granted loans to executive officers and directors of the Bank. At December 31, 2021 and 2020, such loans totaled $ 577,143 and $ 748,662 , respectively. At December 31, 2021 and December 31, 2020 deferred loan fees were $ 1,249,332 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 $ 5.6 million at December 31, 2021. 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 previous loan table under commercial and industrial loans. Since origination, the Bank has processed forgiveness applications for $ 11.6 million and the outstanding balance at December 31, 2021 was $ 5.8 million. The following table presents the activity in the allowance for loan losses by portfolio segments for the year ending December 31, 2021 and 2020: Residential Commercial Construction Commercial Home Equity Total December 31, 2021 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) ( 161,700 ) ( 72,400 ) 150,000 ( 4,600 ) 700 ( 88,000 ) Loans charged-off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 December 31, 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) ( 154,000 ) 329,000 19,000 5,000 1,000 200,000 Loans charged-off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 The provision fluctuations during the years ended December 31, 2021 and 2020 are due to increases or decreases in loan balances in different loans types and economic conditions related to the pandemic. 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 December 31, 2021 and 2020: Residential Commercial Construction Commercial Home Equity Total December 31, 2021 Allowance for loan losses: Ending allowance balance attributable Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,056,615 768,600 195,000 9,400 87,700 2,117,315 Total ending allowance balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Loans: Loans individually evaluated for $ 1,099,793 $ — $ — $ — $ 18,507 $ 1,118,300 Loans collectively evaluated for 314,754,870 173,962,424 41,384,687 7,866,263 27,710,472 565,678,716 Loans acquired with deteriorated credit quality 4,113,571 1,412,995 — 39,261 — 5,565,827 Total ending loans balance $ 319,968,234 $ 175,375,419 $ 41,384,687 $ 7,905,524 $ 27,728,979 $ 572,362,843 NOTE 5 – LOANS (Continued) Residential Commercial Construction Commercial Home Equity Total 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 for $ 1,082,371 $ 223,352 $ — $ — $ 19,044 $ 1,324,767 Loans collectively evaluated for 338,918,618 171,411,099 9,930,959 13,652,248 24,694,336 558,607,260 Total ending loans 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 year ended December 31, 2021 were as follows: Loans Loans with a Residential first mortgages $ 1,486,469 $ 174,776 Commercial and Multi-Family 488,003 — Construction — — Commercial & Industrial — — Home equity & other consumer 18,507 — $ 1,992,979 $ 174,776 Average Amount of Residential first mortgages $ 1,195,600 $ 35,859 Commercial and Multi-Family 111,676 — Construction — — Commercial & Industrial — — Home equity & other consumer 18,776 — $ 1,326,052 $ 35,859 Impaired loans as of and for the year ended December 31, 2020 were as follows: Loans Loans with a Residential first mortgages $ 904,730 $ 177,641 Commercial and Multi-Family 223,352 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,044 — $ 1,147,126 $ 177,641 Average Amount of Residential first mortgages $ 922,950 $ 35,859 Commercial and Multi-Family 225,691 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,231 — $ 1,167,872 $ 35,859 NOTE 5 – LOANS (Continued) Interest income recognized during impairment and cash-basis interest income recognized in both 2021 and 2020 was nominal. The Bank has not committed to lend additional amounts as of December 31, 2021 and 2020 to customers with outstanding loans that are classified as troubled debt restructurings. There were no loans modified as TDRs during 2021 and 2020. There was no TDR and one TDRs in payment default within twelve months following the modification during the years ended December 31, 2021 and 2020, respectively. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. 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 December 31, 2021 and 2020, excluding PCI loans: Nonaccrual Loans Past Due December 31, 2021 Residential first mortgage $ 846,037 $ — Commercial and multi-family — — Construction — — Commercial & Industrial — — Home equity and other consumer 18,507 — Total $ 864,544 $ — December 31, 2020 Residential first mortgage $ 673,539 $ — Commercial and multi-family — — Construction — — Commercial & Industrial — — Home equity and other consumer 19,044 — Total $ 692,583 $ — NOTE 5 – LOANS (Continue) The following table presents the aging of the recorded investment in past due loans as of December 31, 2021 and 2020, by class of loans: 30 – 59 Days 60 – 89 Days Greater than Total Loans Not PCI loans Total December 31, 2021 Residential first mortgage $ — $ 312,616 $ 857,676 $ 1,170,292 $ 314,684,371 $ 4,113,571 $ 319,968,234 Commercial and Multi-Family — — — — 173,962,424 1,412,995 175,375,419 Construction — — 469,492 469,492 40,915,195 — 41,384,687 Commercial & Industrial — — — — 7,905,524 — 7,905,524 Home equity and other 27,529 — — 27,529 27,662,189 39,261 27,728,979 Total $ 27,529 $ 312,616 $ 1,327,168 $ 1,667,313 $ 565,129,703 $ 5,565,827 $ 572,362,843 December 31, 2020 Residential first mortgage $ — $ 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 & Industrial — — — — 13,652,248 — 13,652,248 Home equity and other 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 real estate, commercial and industrial and construction loans are graded on an annual basis. Residential real estate and consumer loans are primarily evaluated based on performance. Refer to the table on the prior page 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. NOTE 5 – LOANS (Continued) 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. Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Mention Substandard Doubtful December 31, 2021 Residential first mortgage $ 318,868,440 $ 383,034 $ 716,760 $ — Commercial and Multi-Family 174,173,925 — 1,201,494 — Construction 41,384,687 — — — Commercial & Industrial 7,905,524 — — — Home equity and other consumer 27,710,472 — 18,507 — Total $ 570,043,048 $ 383,034 $ 1,936,761 $ — December 31, 2020 Residential first mortgage $ 338,786,939 $ 567,766 $ 646,284 $ — Commercial and Multi-Family 170,181,704 — 1,452,747 — Construction 9,930,959 — — — Commercial & Industrial 13,652,248 — — — Home equity and other consumer 24,694,336 — 19,044 — Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 6 – PREMISES AND EQUIPMENT Premises and equipment consists of the following at December 31: 2021 2020 Land $ 2,402,995 $ 2,332,911 Buildings and improvements 6,750,167 4,865,741 Furniture, fixtures and equipment 3,351,720 2,596,354 12,504,882 9,795,006 Accumulated depreciation ( 4,376,903 ) ( 4,123,909 ) $ 8,127,979 $ 5,671,097 Depreciation expense was $ 416,953 and $ 272,562 for the years ended December 31, 2021 and 2020, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 7 – INTANGIBLE ASSETS Core deposit intangible carrying amounts were $ 336,364 for the year ended December 31, 2021. Core deposit accumulated amortization and amortization expense totaled $ 64,636 for the year ended December 31, 2021. Core deposit intangible assets are amortized to their estimated residual values over their expected useful lives, commonly ten years . The estimated aggregate future amortization expense for core deposit intangible assets as of December 31, 2021, was as follows: Remaining 2022 $ 69,091 2023 61,157 2024 53,223 2025 45,289 2026 37,355 Thereafter 70,248 $ 336,363 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
DEPOSITS | NOTE 8 – DEPOSITS The aggregate amount of certificates of deposit with a minimum denomination of $250,000 was approximately $ 92,878,700 and $ 81,138,052 at December 31, 2021 and 2020, respectively. Officers and directors of the Bank have deposits at the Bank. At December 31, 2021 and 2020, such deposits totaled approximately $ 1,927,000 and $ 2,857,000 , respectively. The Bank had $ 52,867,000 and $ 54,191,000 of brokered deposits as of December 31, 2021 and 2020, respectively, which were primarily included in certificate of deposit accounts. The scheduled maturities of certificates of deposits at December 31, 2021, are as follows: 2022 $ 254,301,188 2023 72,547,767 2024 31,660,830 2025 2,925,510 2026 4,806,633 2027 154,432 $ 366,396,359 |
ADVANCES FROM THE FEDERAL HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK | NOTE 9 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK There were short-term advances as of December 31, 2021 totaling $ 6,000,000 with a weighted average interest rate of 0.48 % that mature within one year . There were short-term advances as of December 31, 2020 totaling $ 12,000,000 with a weighted average interest rate of 0.49 % that mature within one year . Long-term advances at December 31 were as follows: Weighted 2021 2020 Amortizing: Maturing in: 2022 1.90 % $ 572,976 $ - 2025 0.73 % 7,663,756 1,600,877 2026 0.80 % 4,672,850 9,690,043 0.81 % $ 12,909,582 $ 11,290,920 Non-repo advances Maturing in: 2021 — $ — $ 23,000,000 2022 2.01 % 32,081,840 28,000,000 2023 2.03 % 23,037,169 21,000,000 2024 1.99 % 6,019,839 6,000,000 2025 1.52 % 5,003,306 3,000,000 1.98 % $ 66,142,154 $ 81,000,000 At December 31, 2021 and 2020, securities held to maturity and available for sale with a carrying amount of $ 8,363,997 and $ 11,057,973 , respectively, were pledged to secure repurchase agreements. Change in the fair value of pledged collateral may require the Bank to pledge additional securities. Non-repo and amortizing advances are secured by the FHLB stock owned by the Bank, and a blanket assignment of qualifying loans at December 31, 2021 and 2020 amounted to $ 239,039,288 and $ 218,297,386 , respectively. The Bank had available additional borrowing potential of $ 160,449,349 and $ 123,217,630 , with the FHLB as of December 31, 2021 and 2020, respectively. The Bank also had outstanding lines of credit of $ 51,000,000 with four correspondent banks as of December 31, 2021 and $ 51,000,000 as of December 31, 2020. There were no outstanding balances against these lines as of December 31, 2021 and 2020. Payments over the next five years are as follows: 2022 $ 38,654,816 2023 23,037,168 2024 6,019,839 2025 12,667,062 2026 4,672,851 $ 85,051,736 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 – IN COME TAXES Income tax expense (benefit) was as follows: 2021 2020 Current expense Federal $ 1,016,179 $ 843,986 State 597,719 430,625 1,613,898 1,274,611 Deferred expense (benefit) Federal 200,147 ( 572,520 ) State 61,130 ( 264,786 ) 261,277 ( 837,306 ) $ 1,875,175 $ 437,305 Total income tax expense differed from the amounts computed by applying the federal income tax rate of 21 % to income before income taxes as a result of the following for the years ended December 31: 2021 2020 Expected income tax expense at federal tax rate $ 1,973,002 $ 526,161 Increase (decrease) in taxes resulting from: State income tax, net of federal income tax effect 520,491 131,012 Bank Owned Life Insurance ( 301,655 ) ( 215,818 ) Bargain purchase gain ( 409,704 ) — Merger expenses 82,361 — Tax exempt interest, net ( 12,366 ) ( 10,679 ) Other, net 23,046 6,629 $ 1,875,175 $ 437,305 NOTE 10 – INCOME TAXES (Continued) Year-end deferred tax assets and liabilities were due to the following: 2021 2020 Deferred tax assets: Allowance for loan losses $ 605,257 $ 629,994 Deferred compensation 818,588 706,899 Directors’ and officers’ retirement plans 113,322 146,077 ESOP plans 56,603 — Stock equity plans 75,659 — Federal NOL carryforward 398,701 — Depreciation 42,535 13,952 Charitable Foundation Contribution 552,997 691,365 Other 41,186 26,694 2,704,848 2,214,981 Deferred tax liabilities: Loan fees/costs 633,792 537,069 Purchase accounting 182,992 — Net unrealized gain on securities available for sale 6,709 39,324 823,493 576,393 Net deferred tax asset $ 1,881,355 $ 1,638,588 Included in retained earnings at December 31, 2021 and 2020, was approximately $ 2,558,000 in bad debt reserves for which no deferred income tax liabilities have been recorded. The amount represents allocations of income to bad debt deductions for tax purposes only. Reduction of these reserves for purposes other than tax bad-debt losses would create income for tax purposes only, which would be subject to the then current corporate income tax rate. There were no unrecognized tax benefits at December 31, 2021 and 2020. The Bank does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. There was no material interest or penalties recorded in the income statement or accrued during the years ended December 31, 2021 and 2020. The Bank is subject to U.S. federal income tax as well as income tax of the State of New Jersey. The Bank is no longer subject to federal and state examination by taxing authorities for years before 2018 and 2016, respectively. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | NOTE 11 – 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 twelve months ended December 31, 2021 approximately $ 158,000 of expense was recognized in regard to these awards. There was no restricted stock expense recorded for the twelve months ended December 31, 2020. The expected future compensation expense related to the 226,519 non-vested restricted shares outstanding at December 31, 2021 is approximately $ 2.4 million over a weighted average period of 4.85 years. The following is a summary of the Company's restricted stock activity during the twelve months ended December 31, 2021: NOTE 11 – STOCK BASED COMPENSATION (Continued) Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2021 — $ — Granted 226,519 10.45 Outstanding, December 31, 2021 226,519 $ 10.45 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 twelve months ended December 31, 2021, approximately $ 153,000 in expense was recognized in regard to these awards. There was no stock option expense recorded for the twelve months ended December 31, 2020. The expected future compensation expense related to the 526,119 non-vested options outstanding at December 31, 2021 is $ 2.3 million over the weighted average remaining vesting period of 4.85 years. The following is a summary of the Company's option activity during the twelve months ended December 31, 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 Forfeited ( 2,500 ) 10.45 Outstanding, December 31, 2021 523,619 10.45 6.5 100,000 Options exercisable at December 31, 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. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
BENEFIT PLANS | NOTE 12 – BENEFIT PLANS 401(k) Plan: The Bank has a 401(k) retirement plan covering substantially all employees. The Bank matches 100 % of contributions up to the first 6 % of salary that the employee defers to the retirement plan. The Bank also contributes a safe harbor contribution of 3 % of the employee’s salary. In addition, on an annual basis, the Board of Directors may elect to make discretionary employer contributions. Bank contributions to the plan for the years ended December 31, 2021 and 2020 were $ 383,000 and $ 303,000 , respectively. NOTE 12 – BENEFIT PLANS (Continued) Directors’ Retirement Plan : The Bank has an unfunded, non-qualified pension plan (the “Plan”) to provide post-retirement benefits to each non-employee director of the Bank. The Monthly Retirement Benefit is 100 % of a director's average annual retainer paid over a three year period (not necessarily consecutive) during which the highest annual retainer was received and payable for the same number of months the director served on the Board, up to a period of 120 months. The measurement dates used in the Plan valuations were December 31 for plan years 2021 and 2020, respectively. The following table sets forth the Plan’s funded status at December 31, 2021 and 2020: 2021 2020 Projected benefit obligation - beginning $ 2,286,321 $ 2,108,344 Service cost 194,326 140,750 Interest cost 53,705 65,948 Actuarial (gain) loss ( 7,680 ) 54,321 Annuity payments ( 96,577 ) ( 83,042 ) Projected benefit obligation – ending 2,430,095 2,286,321 Changes in Plan assets Employer contributions 96,577 83,042 Annuity payments ( 96,577 ) ( 83,042 ) Funded status and accrued pension cost included in other liabilities $ 2,430,095 $ 2,286,321 Amounts recognized in accumulated other comprehensive income at December 31 consist of: 2021 2020 Net actuarial loss $ 114,024 $ 143,831 Prior service cost 188,537 294,367 $ 302,561 $ 438,198 Components of net periodic benefit cost and other amounts recognized in other comprehensive income: 2021 2020 Service cost $ 194,326 $ 140,750 Interest cost 53,705 65,948 Amortization of unrecognized past service liability 128,126 124,353 Net periodic benefit cost 376,157 331,051 Net loss (gain) ( 7,680 ) 54,321 Amortization of prior service cost ( 128,126 ) ( 124,353 ) Total recognized in other comprehensive income ( 135,806 ) ( 70,032 ) Total recognized in net periodic benefit cost and other comprehensive loss $ 240,351 $ 261,019 Assumptions Weighted-average assumptions used to determine pension benefit obligations at year end: 2021 2020 Discount rate 2.90 % 2.30 % NOTE 12 – BENEFIT PLANS (Continued) Weighted-average assumptions used to determine net periodic pension cost: 2021 2020 Discount rate 2.90 % 2.30 % Amortization period 5.8 years 4.9 years At December 31, 2021, Plan-related amounts totaling $ 302,561 (unrecognized past service liability of $ 188,537 plus unrecognized actuarial loss of $ 114,024 ) have been recorded, net of $ 85,048 in deferred income tax, in accumulated other comprehensive loss. For the year ended December 31, 2022, $ 130,821 of the unrecognized past service liability is expected to be included in net periodic plan cost. At December 31, 2020, Plan-related amounts totaling $ 438,198 (unrecognized past service liability of $ 294,367 plus unrecognized actuarial loss of $ 143,831 ) have been recorded, net of $ 123,223 in deferred income tax, in accumulated other comprehensive loss. For the year ended December 31, 2021, $ 128,126 of the unrecognized past service liability is expected to be included in net periodic plan cost. The Monthly Retirement Benefit was changed from 100 % of a director's average annual retainer paid over a three-year period (not necessarily consecutive) during which the highest annual retainer was received and payable for the same number of months the director served on the Board, up to a period of 120 months to be 15 % of the final three-year average annual compensation paid in twelve equal installments, up to a period of 120 months. The change in the Monthly Retirement Benefit had no material change on the financial statements. For the year ended December 31, 2022, the Bank expects to contribute $ 165,644 to the Plan. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of year ending December 31: 2022 $ 165,644 2023 196,317 2024 204,373 2025 292,989 2026 - 2028 738,844 Employee Stock Ownership Plan (“ESOP”): Effective upon the consummation of the Bank's reorganization in January 2020, an ESOP was established for all eligible employees. The ESOP used $ 6.0 million in proceeds from a twenty year term loan obtained from the Company to purchase 515,775 shares of Company common stock. The term loan principal is payable in installments through January 2039 . Interest on the term loan is fixed at a rate of 4.75 %. Each year, the Bank makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. Shares purchased with the loan proceeds were initially pledged as collateral for the term loan and is held in a suspense account for future allocation among participants. Contributions to the ESOP and shares released from the suspense account are allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Statements of Financial Condition. As shares are committed to be released from collateral, the Bank reports compensation expense equal to the average market price of the shares during the year, and the shares become outstanding for basic net income per common share computations. ESOP compensation expense for the year ended December 31, 2021 was $ 258,247 . NOTE 12 – BENEFIT PLANS (Continued) The ESOP shares were as follows: 2021 2020 Allocated shares 52,536 25,792 Unearned shares 463,239 489,983 Total ESOP shares 515,775 515,775 Fair value of unearned ESOP shares $ 4,715,773 $ 4,365,749 Supplemental Executive Retirement Plan (“SERP”) : In 2014, the Bank adopted an unfunded, non-qualified Supplemental Executive Retirement Plan (“SERP”) for the benefit of its senior officers. On May 20, 2016, the SERP was amended and restated as of January 1, 2016. The SERP provides the Bank with the opportunity to supplement the retirement income of the President and CEO to achieve equitable wage replacement at retirement. As of December 31, 2021, the accrued SERP obligation was $ 885,136 . The expense was $ 199,044 during 2021. At December 31, 2021, the amount recognized in accumulated other comprehensive loss was $ 100,583 . As of December 31, 2020, the accrued SERP obligation was $ 666,809 . The expense was $ 150,774 during 2020. At December 31, 2020, the amount recognized in accumulated other comprehensive loss was $ 81,300 . |
REGULATORY CAPITAL MATTERS
REGULATORY CAPITAL MATTERS | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Matters [Abstract] | |
REGULATORY CAPITAL MATTERS | NOTE 13 – REGULATORY CAPITAL MATTERS Banks are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. A capital conservation buffer of 2.5 %, which was fully phased on January 1, 2019 resulted in the Bank effectively having the following minimum capital to risk-weighted assets ratios: a) 7.0 % based on CET1; b) 8.5 % based on tier 1 capital; and c) 10.5 % based on total regulatory capital. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Failure to meet capital requirements can initiate regulatory action. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At year-end 2021 and 2020, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. In accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies adopted, effective January 1, 2020, a final rule whereby financial institutions and financial institution holding companies that have less than $ 10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio of greater than 9 % (“qualifying community banking organizations”), are eligible to opt into a community bank leverage ratio (“CBLR”) framework. Qualifying community banking organizations that elect to use the CBLR framework and that maintain a leverage ratio of greater than 9 % are considered to have satisfied the generally applicable risk-based and leverage capital requirements NOTE 13 – REGULATORY CAPITAL MATTERS (Continued) in the agencies’ capital rules and will be considered to have met the well capitalized ratio requirements under the PCA statutes The agencies reserved the authority to disallow the use of the CBLR framework by a financial institution or holding company, based on the risk profile of the organization. The Bank elected to adopt the CBLR framework. As a qualifying community banking organization, the Company and the Bank may opt out of the CBLR framework in any subsequent quarter by completing its regulatory agency reporting using the traditional capital rules. In April 2020, the federal banking agencies issued interim final rules pursuant to section 4012 of the CARES Act, temporarily lowering the CBLR requirement to 8.00 % through the end of 2020, 8.50 % for calendar year 2021 and 9.00 % in 2022. The CARES Act also provides that, during the same time period, if a qualifying community banking organization falls no more than 1 % below the CBLR, it will have a two-quarter grace period to satisfy the CBLR. The Bank excludes accumulated OCI components from Tier 1 and Total regulatory capital. The Bank’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2021 and the Basel III rules at December 31, 2020 are presented in the tables below. Actual Capital Required Amount Ratio Amount Ratio 2021 Tier 1 capital to average assets: Bank 121,233 14.55 67,006 8.0 2020 Tier 1 capital to average assets: Bank 101,667 13.63 59,662 8.0 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 14 – 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. The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at December 31, 2021 and 2020 is as follows: Note 14 – Commitments and Contingencies ( (Continued) 2021 2020 Fixed Rate Residential mortgage loans $ 2,986,250 $ 8,524,000 Commercial real estate — 1,830,000 Commercial & Industrial — — Home equity line of credit 170,000 2,135,000 $ 3,156,250 $ 12,489,000 Variable Rate Residential mortgage loans $ — $ 1,500,000 Construction loans 7,522,375 — Home equity loans 1,060,000 — Commercial real estate 1,400,000 4,675,000 $ 9,982,375 $ 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 2.99 % to 4.00 % and maturities ranging from 10 years to 30 years. At December 31, 2021 and 2020, undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to approximately $ 48,028,579 and $ 41,774,944 , respectively. At December 31, 2021 and 2020, undisbursed funds from approved lines of credit under a business line of credit program amounted to $ 7,938,797 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 $ 152,725 and $ 39,195 for 2021 and 2020, respectively. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 15 – 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. NOTE 15 – FAIR VALUE (Continued) The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: The fair value for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices in Significant Significant December 31, 2021 Securities available for sale: U.S. government and agency obligations $ 2,981,730 $ — $ 2,981,730 $ — Corporate bonds 7,397,618 — 7,397,618 — MBS – residential 21,760,245 — 21,760,245 — MBS – commercial 9,699,205 — 9,699,205 — $ 41,838,798 $ — $ 41,838,798 $ — December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBS – residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ — No assets were measured at fair value on a non-recurring basis at December 31, 2021 and 2020. NOTE 15 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments, at December 31, 2021 and December 31, 2020 are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2021 Financial instruments -assets Investment securities held-to- $ 74,053 $ 74,081 $ — $ 74,081 $ — Loans 571,363 569,845 — — 569,845 Financial instruments - liabilities Certificates of deposit 366,396 365,452 — 365,452 — Borrowings 85,052 86,657 — 86,657 — December 31, 2020 Financial instruments -- assets Investment securities held-to- $ 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 — The methods and assumptions, not previously presented, used to estimate fair values are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents. With the adoption of the fair value standard, the fair value of financial instruments 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. Other financial instruments including cash and cash equivalents and non-maturity deposits have a fair value that approximates the carrying amount. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 16 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity as of December 31 is as follows: Year ended December 31, 2021 Unrealized loss in investments Defined benefit plan Total Beginning balance $($ 373,582 ) $ 100,569 $($ 273,013 ) Other comprehensive income loss before reclassification 83,768 42,115 125,883 Amounts reclassified from other comprehensive income (loss) - ( 125,526 ) ( 125,526 ) Net current period other comprehensive income (loss) 83,768 ( 83,411 ) 357 Ending balance $($ 289,814 ) $ 17,158 $($ 272,656 ) Details about other comprehensive accumulated loss components Year ended December 31, 2021 Realized gains on sales of securities $ — — $ — Amortization of estimated defined benefit pension plan losses $ 174,609 other expense ( 49,083 ) provision for income taxes $ 125,526 Total reclassifications for the period $ 125,526 |
PARENT-ONLY FINANCIAL INFORMATI
PARENT-ONLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT-ONLY FINANCIAL INFORMATION | NOTE 17 – PARENT-ONLY FINANCIAL INFORMATION Condensed Statements of Financial Condition (Dollar amounts in thousands) 2021 ASSETS Cash and due from banks $ 20,736 Investment in subsidiary bank 121,233 Loan from Bogota Savings Bank 5,626 Total assets $ 147,595 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Other liabilities 19 Total liabilities 19 Total stockholders' equity 147,576 Total liabilities and stockholders' equity $ 147,595 Condensed Statements of Income (Dollar amounts in thousands) 2021 Interest income Loans $ 276 Total interest income 276 Non-interest expenses Merger costs 392 Total non-interest expenses 392 Income(loss) before income taxes ( 116 ) Income tax expense 133 Net income before undistributed earnings of subsidiaries ( 249 ) Undistibuted earnings of subsidiaries 7,769 Net income $ 7,520 Condensed Statements of Cash Flows 2021 Cash flows from operating activities Net income before undistributed earnings of subsidiaries $ 7,520 Undistributed earnings of subsidiaries ( 7,769 ) Net changes in other liabilities ( 11 ) Net cash used in operating activities ( 260 ) Cash flows from investing activities Net decrease in loans 195 Net cash provided by (used in) investing activities 195 Cash flows from financing activities Repurchase of common stock ( 482 ) Net cash used in financing activities ( 482 ) Net increase (decrease) in cash and cash equivalents ( 547 ) Cash and cash equivalents – beginning of year 21,283 Cash and cash equivalents – end of year $ 20,736 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 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. which was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at December 31, 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 loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of and examinations by certain federal and state regulatory agencies. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $ 10.00 per share in its subscription offering for gross proceeds of $ 56.6 million. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $ 250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 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.” |
Acquisition of Gibraltar Bank | Acquisition of Gibraltar Bank : On February 28, 2021, the Company completed its acquisition of Gibraltar Bank. As a result of the merger, we acquired three branch offices located in Morris and Essex Counties in New Jersey. In addition, as part of the transaction, the Company issued 1,267,916 shares of its common stock to Bogota Financial, MHC. The conversion and consolidation of data processing platforms, systems and customer files occurred on August 16, 2021. |
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 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 twelve-month period ended December 31, 2021, options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the calculation of diluted EPS because the options were anti-dilutive. The Company did no t have any outstanding stock options or shares of restricted stock for the year ended December 31, 2020. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the twelve ended December 31, 2021. For the twelve months For the twelve months Net income $ 7,520,075 $ 2,068,225 Basic earnings per share: Weighted average shares outstanding - basic 13,725,884 12,170,610 Weighted average shares outstanding - diluted 13,897,645 12,170,610 Dilutive securities 171,761 — Basic earnings per share - basic $ 0.55 $ 0.17 Basic earnings per share - diluted $ 0.54 $ 0.17 |
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 affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Cash Flows | Cash Flows : Cash and cash equivalents include cash and deposits with other banks with maturities within one year. Net cash flows are reported for customer loan and deposit transactions and short-term FHLB advances. |
Interest Bearing Deposits in Other Banks | Interest-Bearing Deposits in Other Banks : Interest-bearing deposits in other banks mature within one year and are carried at cost |
Securities | Securities : Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities (“MBSs”) where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Loans | Loans : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The Bank originates real estate, commercial and consumer loans. A substantial portion of the loan portfolio is represented by loans in northern New Jersey. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate values and general economic conditions in this area. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interest income on real estate, commercial and consumer loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days and still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to nonaccrual status in accordance with the Bank’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Loan Losses | Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased by provisions for loan losses charged to operations. Losses are charged to the allowance when all or a portion of a loan is deemed to be uncollectible. Subsequent recoveries of loans previously charged off are credited to the allowance for loan losses when realized. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all principal and interest contractually due. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank reviews loans for impairment that are individually evaluated for collectability in accordance with the Bank’s normal loan review procedures. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Bank determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non‑impaired loans and is based on historical loss experience, adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Bank over the most recent two years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in loans originated and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The Bank consistently applies this methodology to all portfolio segments. The following portfolio segments have been identified: Residential First Mortgage, Commercial and Multi-Family Real Estate, Construction, Commercial and Industrial and Consumer. Residential First Mortgage Loans – Residential first mortgage loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment and other income, but are secured by real property whose value tends to be more easily ascertainable. Credit risk for these types of loans is generally influenced by general economic conditions, the characteristics of individual borrowers and the nature of the loan collateral. Commercial Real Estate Loans – Commercial real estate loans generally have larger balances and involve a greater degree of risk than residential real estate loans, inferring higher potential losses on an individual customer basis. Loan repayment is often dependent on the successful operation and management of the properties and/or businesses occupying the properties, as well as on the collateral securing the loan. Economic events or conditions in the real estate market could have an adverse impact on the cash flows generated by the properties securing the Bank’s commercial real estate loans and on the value of such properties. Construction Loans – Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial and Industrial Loans - A commercial and industrial loan is a loan to a business rather than a loan to an individual consumer. These short-term loans generally have an interest rate based on the prime rate and are secured by collateral owned by the business requesting the loan. Consumer Loans – Consumer loans include home equity lines of credit and home equity loans, which exhibit many of the same credit risk characteristics as residential real estate loans. The amount of home equity line of credit is generally limited to a certain percentage of the appraised value of the property less the balance of the first mortgage. |
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 referred to 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. For acquired purchased loans 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 acquisition 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. |
Mortgage Loan Sales | Mortgage Loan Sales : The Bank has a partnership through the Federal Home Bank of New York (“FHLBNY”) to sell loans within the Mortgage Partnership Finance (“MPF”) Program. The MPF Program gives the Bank another alternative to funding mortgages which may increase profits. It allows the Bank to be competitive in all the fixed-rate products. In addition, the MPF structure capitalizes on the Bank's credit expertise. MPF combines that expertise with the FHLBNY's expertise in handling interest-rate risk. FHLBNY manages the interest rate, the liquidity and the prepayment risks, while the Bank manages the credit and servicing risks. The result involves the member receiving a very competitive price for loans plus fees over time for managing the credit and servicing risks. Loans are sold at origination; gains or losses on the sale of mortgage loans are recognized at the settlement date and are determined by the difference between the net proceeds and the amortized cost. All loans are sold with servicing being retained by the Bank. The outstanding principal balances sold and serviced by the Bank under the program were $ 4,706,056 and $ 10,181,727 at December 31, 2021 and 2020 respectively. Under the program, the first layer of losses is paid by the FHLBNY up to 100 basis points of the total funded amount of loans sold. (the “First Loss Account”). The Bank then provides a second loss credit enhancement obligation, which is equivalent to “AA” credit risk less the First Loss Account. Loan losses beyond the first and second layers are absorbed by the FHLBNY. There are no losses to date on the loans sold under the program. Mortgage servicing rights were $ 523 and $ 5,293 as of December 31, 2021 and 2020, respectively and reported as other assets. Servicing fees totaled $ 4,770 and $ 15,627 for the years ended December 31, 2021 and 2020, respectively. Late fees and ancillary fees related to loan servicing are not material. |
Premises and Equipment | Premises and Equipment : Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Building and related components are depreciated using the straight-line method with useful lives ranging from fifteen to 39 years . Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from one to ten years . Leasehold improvements are amortized over the shorter of the terms of the respective leases or the estimated lives of the improvements. |
Federal Home Loan Bank Stock | Federal Home Loan Bank (“FHLB”) Stock : FHLB stock is restricted stock, which is carried at cost, and periodically evaluated for impairment based on ultimate recovery of par value. Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. Dividends are recorded as income on the consolidated statement of financial condition. |
Bank Owned Life Insurance | Bank Owned Life Insurance : The Bank has purchased life insurance policies on certain key employees. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Intangible Assets | Intangible Assets : Intangible assets, other than goodwill, include core deposit intangibles and mortgage servicing rights (MSRs). Core deposit intangibles are a measure of the value of consumer demand and savings deposits acquired in business combinations accounted for as purchases. The core deposit intangibles are being amortized over 10 years using the sum-of-the-years digits method of amortization, while the covenant not to compete was amortized over four years on a straight line basis. |
Advertising Costs | Advertising Costs : Advertising costs are expensed as incurred. Any direct response advertising conducted by the Bank is immaterial and has not been capitalized. Advertising costs are included in “non-interest expenses” in the consolidated statements of income. |
Off-Balance-Sheet Financial Instruments | Off-Balance-Sheet Financial Instruments : In the ordinary course of business, the Bank enters into off-balance-sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated statement of financial condition when funded. |
Income Taxes | Income Taxes : Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Bank had no unrecognized tax positions as of December 31, 2021 and 2020. The Bank recognizes interest and/or penalties related to income tax matters in income tax expense. |
Retirement Plans | Retirement Plans : Pension expense is the net of service and interest cost and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching and safe harbor contributions. Profit sharing expense is based on the amount of contributions made by the Bank as determined by the Board of Directors. Director’s retirement plan expense allocates the benefits over years of service. Supplemental Retirement Plan expense allocates the benefits over years of service. |
Stock Based Compensation | Stock Based Compensation : Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common shares at the date of the grant is used for restricted shares. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Comprehensive Income | Comprehensive Income : Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes net unrealized holding gains and losses on securities available for sale and net unrealized gains and losses on the pension plan which are also recognized as separate components of equity. |
Loss Contingencies | Loss Contingencies : Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not currently believe that such matters that will have a material effect on the consolidated financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments : Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Operating Segments | Operating Segments: While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Bank-wide basis. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Bank. As such, discrete financial information is not available and segment reporting would not be meaningful. |
New Accounting Pronouncements and Not Yet Effective Accounting Pronouncements | New 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. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or re assess previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | |
Summary of earnings per share basic | The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the twelve ended December 31, 2021. For the twelve months For the twelve months Net income $ 7,520,075 $ 2,068,225 Basic earnings per share: Weighted average shares outstanding - basic 13,725,884 12,170,610 Weighted average shares outstanding - diluted 13,897,645 12,170,610 Dilutive securities 171,761 — Basic earnings per share - basic $ 0.55 $ 0.17 Basic earnings per share - diluted $ 0.54 $ 0.17 |
ACQUISITION OF GIBRALTAR BANK (
ACQUISITION OF GIBRALTAR BANK (Tables) | 12 Months Ended |
Dec. 31, 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 restricted stock 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 ( 167,400 ) (f) 745,903 Other assets 362,636 ( 278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 545,576 $ 106,763,417 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 insurance 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 $ 13,450,970 Bargain purchase gain recorded at merger 1,950,970 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 which will be amortized over the remaining life of the loans. (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 over the remaining life of the debt |
Schedule of PCI Loans Acquired and Acquired Loans Not PCI 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: (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 The following table details the acquired loans that are not PCI as of March 1, 2021 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 Amortizable Yield for Purchased Credit-Impaired Loans | Changes in the amortizable yield for purchased credit-impaired loans were as follows for the twelve months ended December 31, 2021: Balance at beginning of period $ — Addition of purchased credit-impaired loans 217,789 Accretion ( 47,714 ) Balance at end of period 170,075 |
Schedule of Business Acquisition Actual Operating Results | The following table presents actual operating results attributable to Gibraltar Bank since the March 1, 2021 acquisition date through December 31, 2021. This information does not include purchase accounting adjustments or acquisition integration costs. Gibraltar March 1, 2021 to December 31, 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: Amortized Gross Gross Fair Value December 31, 2021 U.S. government and agency obligations $ 3,000,000 $ — $ ( 18,270 ) $ 2,981,730 Corporate bonds due in: Less than one year — — — — One through five years 6,375,068 17,594 ( 636 ) 6,392,026 Five through ten years 1,002,542 3,050 — 1,005,592 MBS – residential 21,695,539 89,297 ( 24,591 ) 21,760,245 MBS – commercial 9,741,782 — $ ( 42,577 ) 9,699,205 Total $ 41,814,931 $ 109,941 $ ( 86,074 ) $ 41,838,798 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 Five through ten years — — — - MBS – 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 December 31, 2021 and 2020 were as follows: Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized December 31, 2021 U.S. government and agency obligations $ 2,981,730 $($ 18,270 ) $ — $ — $ 2,981,730 $($ 18,270 ) Corporate bonds 1,006,523 ( 636 ) — — 1,006,523 ( 636 ) MBS – residential 10,000,558 ( 22,652 ) 250,581 ( 1,939 ) 10,251,139 ( 24,591 ) MBS – commercial 9,699,205 ( 42,577 ) - 9,699,205 ( 42,577 ) Total $ 23,688,016 $ ( 84,135 ) $ 250,581 $ ( 1,939 ) $ 23,938,597 $ ( 86,074 ) Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized December 31, 2020 MBS – residential $ 271,340 $ ( 2,708 ) $ — $ — $ 271,340 $ ( 2,708 ) Corporate bonds — — 2,005,441 ( 4,186 ) 2,005,441 ( 4,186 ) 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: Amortized Gross Gross Fair Value December 31, 2021 U.S. government and agency obligations $ 3,000,000 $ — $ — $ 3,000,000 Corporate Bonds due in: Less than one year — — — - Five through ten years 13,681,053 410,726 ( 39,870 ) 14,051,909 Municipal obligations due in: - Less than one year 4,006,006 12,668 ( 2,776 ) 4,015,898 One through five years 903,483 — ( 15,399 ) 888,084 More than five years through ten years 375,000 27,353 — 402,353 Greater than ten years 1,732,386 9,527 — 1,741,913 MBS – - Residential 16,913,787 75,094 ( 240,797 ) 16,748,084 Commercial 33,441,384 287,278 ( 495,844 ) 33,232,818 $ 74,053,099 $ 822,646 $($ 794,686 ) $ 74,081,059 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 MBS – Residential 11,906,884 144,863 ( 15,440 ) 12,036,307 Commercial 31,263,861 997,319 ( 59,042 ) 32,202,138 $ 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 More than 12 Months Total Fair Value Unrecognized Fair Value Unrecognized Fair Value Unrecognized December 31, 2021 Corporate bonds $ 3,710,130 $($ 39,870 ) $ — $ — $ 3,710,130 $($ 39,870 ) Municipal obligations 3,835,309 ( 18,175 ) — — 3,835,309 ( 18,175 ) MBS – residential 10,720,544 ( 141,726 ) 2,701,345 ( 99,071 ) 13,421,889 ( 240,797 ) MBS – commercial 7,898,509 ( 197,720 ) 4,653,364 ( 298,124 ) 12,551,873 ( 495,844 ) Total $ 26,164,492 $ ( 397,491 ) $ 7,354,709 $ ( 397,195 ) $ 33,519,201 $ ( 794,686 ) December 31, 2020 Corporate bonds $ 747,480 $($ 2,520 ) $ — $ — $ 747,480 $($ 2,520 ) Municipal obligations 1,436,454 ( 141 ) — — 1,436,454 ( 141 ) MBS – residential 2,403,485 ( 15,440 ) — — 2,403,485 ( 15,440 ) MBS – 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) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of loans receivable | Loans are summarized as follows at December 31: 2021 2020 Real estate: Residential First Mortgage $ 319,968,234 $ 340,000,989 Commercial and Multi-Family Real Estate 175,375,419 171,634,451 Construction 41,384,687 9,930,959 Commercial & Industrial 7,905,524 13,652,248 Consumer: Home equity and other 27,728,979 24,713,380 Total loans 572,362,843 559,932,027 Allowance for loan losses ( 2,153,174 ) ( 2,241,174 ) $ 570,209,669 $ 557,690,853 |
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 year ending December 31, 2021 and 2020: Residential Commercial Construction Commercial Home Equity Total December 31, 2021 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) ( 161,700 ) ( 72,400 ) 150,000 ( 4,600 ) 700 ( 88,000 ) Loans charged-off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 December 31, 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) ( 154,000 ) 329,000 19,000 5,000 1,000 200,000 Loans charged-off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 |
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 December 31, 2021 and 2020: Residential Commercial Construction Commercial Home Equity Total December 31, 2021 Allowance for loan losses: Ending allowance balance attributable Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,056,615 768,600 195,000 9,400 87,700 2,117,315 Total ending allowance balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Loans: Loans individually evaluated for $ 1,099,793 $ — $ — $ — $ 18,507 $ 1,118,300 Loans collectively evaluated for 314,754,870 173,962,424 41,384,687 7,866,263 27,710,472 565,678,716 Loans acquired with deteriorated credit quality 4,113,571 1,412,995 — 39,261 — 5,565,827 Total ending loans balance $ 319,968,234 $ 175,375,419 $ 41,384,687 $ 7,905,524 $ 27,728,979 $ 572,362,843 NOTE 5 – LOANS (Continued) Residential Commercial Construction Commercial Home Equity Total 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 for $ 1,082,371 $ 223,352 $ — $ — $ 19,044 $ 1,324,767 Loans collectively evaluated for 338,918,618 171,411,099 9,930,959 13,652,248 24,694,336 558,607,260 Total ending loans 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 year ended December 31, 2021 were as follows: Loans Loans with a Residential first mortgages $ 1,486,469 $ 174,776 Commercial and Multi-Family 488,003 — Construction — — Commercial & Industrial — — Home equity & other consumer 18,507 — $ 1,992,979 $ 174,776 Average Amount of Residential first mortgages $ 1,195,600 $ 35,859 Commercial and Multi-Family 111,676 — Construction — — Commercial & Industrial — — Home equity & other consumer 18,776 — $ 1,326,052 $ 35,859 Impaired loans as of and for the year ended December 31, 2020 were as follows: Loans Loans with a Residential first mortgages $ 904,730 $ 177,641 Commercial and Multi-Family 223,352 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,044 — $ 1,147,126 $ 177,641 Average Amount of Residential first mortgages $ 922,950 $ 35,859 Commercial and Multi-Family 225,691 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,231 — $ 1,167,872 $ 35,859 |
Summary of recorded investment in nonaccrual and past due excluding PCI loans | 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 December 31, 2021 and 2020, excluding PCI loans: Nonaccrual Loans Past Due December 31, 2021 Residential first mortgage $ 846,037 $ — Commercial and multi-family — — Construction — — Commercial & Industrial — — Home equity and other consumer 18,507 — Total $ 864,544 $ — December 31, 2020 Residential first mortgage $ 673,539 $ — Commercial and multi-family — — Construction — — Commercial & Industrial — — Home equity and other 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 December 31, 2021 and 2020, by class of loans: 30 – 59 Days 60 – 89 Days Greater than Total Loans Not PCI loans Total December 31, 2021 Residential first mortgage $ — $ 312,616 $ 857,676 $ 1,170,292 $ 314,684,371 $ 4,113,571 $ 319,968,234 Commercial and Multi-Family — — — — 173,962,424 1,412,995 175,375,419 Construction — — 469,492 469,492 40,915,195 — 41,384,687 Commercial & Industrial — — — — 7,905,524 — 7,905,524 Home equity and other 27,529 — — 27,529 27,662,189 39,261 27,728,979 Total $ 27,529 $ 312,616 $ 1,327,168 $ 1,667,313 $ 565,129,703 $ 5,565,827 $ 572,362,843 December 31, 2020 Residential first mortgage $ — $ 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 & Industrial — — — — 13,652,248 — 13,652,248 Home equity and other 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 Mention Substandard Doubtful December 31, 2021 Residential first mortgage $ 318,868,440 $ 383,034 $ 716,760 $ — Commercial and Multi-Family 174,173,925 — 1,201,494 — Construction 41,384,687 — — — Commercial & Industrial 7,905,524 — — — Home equity and other consumer 27,710,472 — 18,507 — Total $ 570,043,048 $ 383,034 $ 1,936,761 $ — December 31, 2020 Residential first mortgage $ 338,786,939 $ 567,766 $ 646,284 $ — Commercial and Multi-Family 170,181,704 — 1,452,747 — Construction 9,930,959 — — — Commercial & Industrial 13,652,248 — — — Home equity and other consumer 24,694,336 — 19,044 — Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of premises and equipment | Premises and equipment consists of the following at December 31: 2021 2020 Land $ 2,402,995 $ 2,332,911 Buildings and improvements 6,750,167 4,865,741 Furniture, fixtures and equipment 3,351,720 2,596,354 12,504,882 9,795,006 Accumulated depreciation ( 4,376,903 ) ( 4,123,909 ) $ 8,127,979 $ 5,671,097 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Aggregate future Amortization Expense for core deposit Intangible Assets | The estimated aggregate future amortization expense for core deposit intangible assets as of December 31, 2021, was as follows: Remaining 2022 $ 69,091 2023 61,157 2024 53,223 2025 45,289 2026 37,355 Thereafter 70,248 $ 336,363 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Scheduled maturities of certificates of deposits | The scheduled maturities of certificates of deposits at December 31, 2021, are as follows: 2022 $ 254,301,188 2023 72,547,767 2024 31,660,830 2025 2,925,510 2026 4,806,633 2027 154,432 $ 366,396,359 |
ADVANCES FROM THE FEDERAL HOM_2
ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Summary of long-term advances | Long-term advances at December 31 were as follows: Weighted 2021 2020 Amortizing: Maturing in: 2022 1.90 % $ 572,976 $ - 2025 0.73 % 7,663,756 1,600,877 2026 0.80 % 4,672,850 9,690,043 0.81 % $ 12,909,582 $ 11,290,920 Non-repo advances Maturing in: 2021 — $ — $ 23,000,000 2022 2.01 % 32,081,840 28,000,000 2023 2.03 % 23,037,169 21,000,000 2024 1.99 % 6,019,839 6,000,000 2025 1.52 % 5,003,306 3,000,000 1.98 % $ 66,142,154 $ 81,000,000 |
Summary of payments over next five years | Payments over the next five years are as follows: 2022 $ 38,654,816 2023 23,037,168 2024 6,019,839 2025 12,667,062 2026 4,672,851 $ 85,051,736 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of income tax expense (benefit) | Income tax expense (benefit) was as follows: 2021 2020 Current expense Federal $ 1,016,179 $ 843,986 State 597,719 430,625 1,613,898 1,274,611 Deferred expense (benefit) Federal 200,147 ( 572,520 ) State 61,130 ( 264,786 ) 261,277 ( 837,306 ) $ 1,875,175 $ 437,305 |
Summary of effective income tax rate reconciliation | Total income tax expense differed from the amounts computed by applying the federal income tax rate of 21 % to income before income taxes as a result of the following for the years ended December 31: 2021 2020 Expected income tax expense at federal tax rate $ 1,973,002 $ 526,161 Increase (decrease) in taxes resulting from: State income tax, net of federal income tax effect 520,491 131,012 Bank Owned Life Insurance ( 301,655 ) ( 215,818 ) Bargain purchase gain ( 409,704 ) — Merger expenses 82,361 — Tax exempt interest, net ( 12,366 ) ( 10,679 ) Other, net 23,046 6,629 $ 1,875,175 $ 437,305 |
Summary of deferred tax assets and liabilities | Year-end deferred tax assets and liabilities were due to the following: 2021 2020 Deferred tax assets: Allowance for loan losses $ 605,257 $ 629,994 Deferred compensation 818,588 706,899 Directors’ and officers’ retirement plans 113,322 146,077 ESOP plans 56,603 — Stock equity plans 75,659 — Federal NOL carryforward 398,701 — Depreciation 42,535 13,952 Charitable Foundation Contribution 552,997 691,365 Other 41,186 26,694 2,704,848 2,214,981 Deferred tax liabilities: Loan fees/costs 633,792 537,069 Purchase accounting 182,992 — Net unrealized gain on securities available for sale 6,709 39,324 823,493 576,393 Net deferred tax asset $ 1,881,355 $ 1,638,588 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | The following is a summary of the Company's restricted stock activity during the twelve months ended December 31, 2021: NOTE 11 – STOCK BASED COMPENSATION (Continued) Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2021 — $ — Granted 226,519 10.45 Outstanding, December 31, 2021 226,519 $ 10.45 |
Summary of Option Activity | The following is a summary of the Company's option activity during the twelve months ended December 31, 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 Forfeited ( 2,500 ) 10.45 Outstanding, December 31, 2021 523,619 10.45 6.5 100,000 Options exercisable at December 31, 2021 — $ — |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of plan's funded status | The measurement dates used in the Plan valuations were December 31 for plan years 2021 and 2020, respectively. The following table sets forth the Plan’s funded status at December 31, 2021 and 2020: 2021 2020 Projected benefit obligation - beginning $ 2,286,321 $ 2,108,344 Service cost 194,326 140,750 Interest cost 53,705 65,948 Actuarial (gain) loss ( 7,680 ) 54,321 Annuity payments ( 96,577 ) ( 83,042 ) Projected benefit obligation – ending 2,430,095 2,286,321 Changes in Plan assets Employer contributions 96,577 83,042 Annuity payments ( 96,577 ) ( 83,042 ) Funded status and accrued pension cost included in other liabilities $ 2,430,095 $ 2,286,321 |
Summary of amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income at December 31 consist of: 2021 2020 Net actuarial loss $ 114,024 $ 143,831 Prior service cost 188,537 294,367 $ 302,561 $ 438,198 |
Components of net periodic benefit cost and other amounts recognized in other comprehensive income | Components of net periodic benefit cost and other amounts recognized in other comprehensive income: 2021 2020 Service cost $ 194,326 $ 140,750 Interest cost 53,705 65,948 Amortization of unrecognized past service liability 128,126 124,353 Net periodic benefit cost 376,157 331,051 Net loss (gain) ( 7,680 ) 54,321 Amortization of prior service cost ( 128,126 ) ( 124,353 ) Total recognized in other comprehensive income ( 135,806 ) ( 70,032 ) Total recognized in net periodic benefit cost and other comprehensive loss $ 240,351 $ 261,019 |
Summary of weighted-average assumptions used to determine pension benefit obligations | Weighted-average assumptions used to determine pension benefit obligations at year end: 2021 2020 Discount rate 2.90 % 2.30 % |
Summary of weighted-average assumptions used to determine net periodic pension cost | Weighted-average assumptions used to determine net periodic pension cost: 2021 2020 Discount rate 2.90 % 2.30 % Amortization period 5.8 years 4.9 years |
Summary of expected future service expected to be paid | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of year ending December 31: 2022 $ 165,644 2023 196,317 2024 204,373 2025 292,989 2026 - 2028 738,844 |
Summary of ESOP shares | The ESOP shares were as follows: 2021 2020 Allocated shares 52,536 25,792 Unearned shares 463,239 489,983 Total ESOP shares 515,775 515,775 Fair value of unearned ESOP shares $ 4,715,773 $ 4,365,749 |
REGULATORY CAPITAL MATTERS (Tab
REGULATORY CAPITAL MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Matters [Abstract] | |
Summary of actual and required capital amounts and ratios | The Bank’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2021 and the Basel III rules at December 31, 2020 are presented in the tables below. Actual Capital Required Amount Ratio Amount Ratio 2021 Tier 1 capital to average assets: Bank 121,233 14.55 67,006 8.0 2020 Tier 1 capital to average assets: Bank 101,667 13.63 59,662 8.0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 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, or purchase participation interests in, loans at December 31, 2021 and 2020 is as follows: Note 14 – Commitments and Contingencies ( (Continued) 2021 2020 Fixed Rate Residential mortgage loans $ 2,986,250 $ 8,524,000 Commercial real estate — 1,830,000 Commercial & Industrial — — Home equity line of credit 170,000 2,135,000 $ 3,156,250 $ 12,489,000 Variable Rate Residential mortgage loans $ — $ 1,500,000 Construction loans 7,522,375 — Home equity loans 1,060,000 — Commercial real estate 1,400,000 4,675,000 $ 9,982,375 $ 6,175,000 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments, at December 31, 2021 and December 31, 2020 are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2021 Financial instruments -assets Investment securities held-to- $ 74,053 $ 74,081 $ — $ 74,081 $ — Loans 571,363 569,845 — — 569,845 Financial instruments - liabilities Certificates of deposit 366,396 365,452 — 365,452 — Borrowings 85,052 86,657 — 86,657 — December 31, 2020 Financial instruments -- assets Investment securities held-to- $ 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 in Significant Significant December 31, 2021 Securities available for sale: U.S. government and agency obligations $ 2,981,730 $ — $ 2,981,730 $ — Corporate bonds 7,397,618 — 7,397,618 — MBS – residential 21,760,245 — 21,760,245 — MBS – commercial 9,699,205 — 9,699,205 — $ 41,838,798 $ — $ 41,838,798 $ — December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBS – residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss included in equity as of December 31 is as follows: Year ended December 31, 2021 Unrealized loss in investments Defined benefit plan Total Beginning balance $($ 373,582 ) $ 100,569 $($ 273,013 ) Other comprehensive income loss before reclassification 83,768 42,115 125,883 Amounts reclassified from other comprehensive income (loss) - ( 125,526 ) ( 125,526 ) Net current period other comprehensive income (loss) 83,768 ( 83,411 ) 357 Ending balance $($ 289,814 ) $ 17,158 $($ 272,656 ) Details about other comprehensive accumulated loss components Year ended December 31, 2021 Realized gains on sales of securities $ — — $ — Amortization of estimated defined benefit pension plan losses $ 174,609 other expense ( 49,083 ) provision for income taxes $ 125,526 Total reclassifications for the period $ 125,526 |
PARENT-ONLY FINANCIAL INFORMA_2
PARENT-ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed statements of financial condition | Condensed Statements of Financial Condition (Dollar amounts in thousands) 2021 ASSETS Cash and due from banks $ 20,736 Investment in subsidiary bank 121,233 Loan from Bogota Savings Bank 5,626 Total assets $ 147,595 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Other liabilities 19 Total liabilities 19 Total stockholders' equity 147,576 Total liabilities and stockholders' equity $ 147,595 |
Condensed statements of income | Condensed Statements of Income (Dollar amounts in thousands) 2021 Interest income Loans $ 276 Total interest income 276 Non-interest expenses Merger costs 392 Total non-interest expenses 392 Income(loss) before income taxes ( 116 ) Income tax expense 133 Net income before undistributed earnings of subsidiaries ( 249 ) Undistibuted earnings of subsidiaries 7,769 Net income $ 7,520 |
Condensed statements of cash flows | Condensed Statements of Cash Flows 2021 Cash flows from operating activities Net income before undistributed earnings of subsidiaries $ 7,520 Undistributed earnings of subsidiaries ( 7,769 ) Net changes in other liabilities ( 11 ) Net cash used in operating activities ( 260 ) Cash flows from investing activities Net decrease in loans 195 Net cash provided by (used in) investing activities 195 Cash flows from financing activities Repurchase of common stock ( 482 ) Net cash used in financing activities ( 482 ) Net increase (decrease) in cash and cash equivalents ( 547 ) Cash and cash equivalents – beginning of year 21,283 Cash and cash equivalents – end of year $ 20,736 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | Feb. 28, 2021BranchOfficeshares | Jan. 15, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)Subsidiary$ / sharesshares | Dec. 31, 2020USD ($)shares |
Shares issued during period | shares | 5,657,735 | |||
Shares issued, price per share | $ / shares | $ 10 | |||
Proceeds from issuance of common stock | $ 56,600,000 | $ 7,683,507 | ||
Number of subsidiaries | Subsidiary | 2 | |||
Number of share options awarded | shares | 526,119 | |||
Grant date fair value of options awarded | $ / shares | $ 10.45 | |||
Number of stock options outstanding | shares | 0 | |||
Other assets | $ 4,486,366 | $ 2,153,076 | ||
Unrecognized tax positions | $ 0 | $ 0 | ||
Core deposit Intangible asset amortized estimated useful lives | 10 years | |||
Intangible asset amortization period on straight line basis (covenant not to compete) | 4 years | |||
Restricted Stock | ||||
Number of shares outstanding | shares | 226,519 | 0 | ||
Gibraltar Bank | Morris and Essex Counties in New Jersey | ||||
Number of branch offices acquired | BranchOffice | 3 | |||
Maximum | Building and Related Components | ||||
Premises and equipment, useful lives | 39 years | |||
Maximum | Furniture, Fixtures and Equipment | ||||
Premises and equipment, useful lives | 10 years | |||
Minimum | Building and Related Components | ||||
Premises and equipment, useful lives | 15 years | |||
Minimum | Furniture, Fixtures and Equipment | ||||
Premises and equipment, useful lives | 1 year | |||
Mortgage Partnership Finance Program | ||||
Outstanding principal balances sold and serviced | $ 4,706,056 | $ 10,181,727 | ||
Loss on sale of loans | 0 | |||
Servicing fees | 4,770 | 15,627 | ||
Mortgage Partnership Finance Program | Mortgage Servicing Rights | ||||
Other assets | $ 523 | $ 5,293 | ||
Mortgage Partnership Finance Program | Maximum | ||||
Percentage of total funded amount of loans sold | 1.00% | |||
Bogota Savings Bank Charitable Foundation Inc. | ||||
Shares issued during period | shares | 263,150 | |||
Payments for reorganization | $ 250,000 | |||
Bogota Financial, MHC | ||||
Shares issued during period | shares | 1,267,916 | 7,236,640 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 7,520,075 | $ 2,068,225 |
Weighted average shares outstanding - basic | 13,725,884 | 12,170,610 |
Weighted average shares outstanding - diluted | 13,897,645 | 12,170,610 |
Dilutive securities | 171,761 | |
Basic earnings per share - basic | $ 0.55 | $ 0.17 |
Basic earnings per share - diluted | $ 0.54 | $ 0.17 |
ACQUISITION OF GIBRALTAR BANK -
ACQUISITION OF GIBRALTAR BANK - Additional Information (Detail) - USD ($) | Feb. 28, 2021 | Jan. 15, 2020 | Dec. 31, 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 | $ 1,950,970 | |||
Fair value of PCI loans | 5,565,827 | |||
Gibraltar Bank | ||||
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 1,950,970 | |||
Core deposit intangible | $ 400,000 | |||
Merger-related expenses | 392,000 | |||
Estimated useful life | 10 years | |||
Fair value of PCI loans | $ 5,600,000 | $ 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 PCI loans | $ 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 | |||
Cash consideration | $ 0 |
ACQUISITION OF GIBRALTAR BANK_2
ACQUISITION OF GIBRALTAR BANK - Schedule of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Feb. 28, 2021 | Dec. 31, 2021 |
Liabilities assumed | ||
Bargain purchase gain recorded at merger | $ 1,950,970 | |
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 | 745,903 | |
Other assets | 84,281 | |
Total assets acquired | 106,763,417 | |
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 | 13,450,970 | |
Bargain purchase gain recorded at merger | 1,950,970 | |
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 | (167,400) | |
Other assets | (278,355) | |
Total assets acquired | 545,576 | |
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 Acquired Loans Not PCI (Detail) - USD ($) | Dec. 31, 2021 | Mar. 01, 2021 |
Business Acquisition [Line Items] | ||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 5,565,827 | |
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) | 170,075 | 143,000 |
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 5,600,000 | $ 82,071,000 |
ACQUISITION OF GIBRALTAR BANK_5
ACQUISITION OF GIBRALTAR BANK - Schedule of Amortizable Yield for Purchased Credit-Impaired Loans (Detail) - Gibraltar Bank | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
PCI loans acquired | $ 217,789 |
Accretion | (47,714) |
Balance at the end of period | $ 170,075 |
ACQUISITION OF GIBRALTAR BANK_6
ACQUISITION OF GIBRALTAR BANK - Schedule of Business Acquisition Actual Operating Results (Detail) - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Net interest income | $ 19,277,259 | $ 13,597,629 | |
Non-interest income | 4,493,512 | 1,105,635 | |
Noninterest Expense | 14,463,521 | 11,997,734 | |
Provision for income taxes | 1,875,175 | 437,305 | |
Net income | $ 7,520,075 | $ 2,068,225 | |
Gibraltar Bank | |||
Business Acquisition [Line Items] | |||
Net interest income | $ 1,479 | ||
Non-interest income | 1,050 | ||
Noninterest Expense | 357 | ||
Income before income taxes | 2,172 | ||
Provision for income taxes | 611 | ||
Net income | $ 1,561 |
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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 41,814,931 | $ 11,730,615 |
Gross Unrealized Gains | 109,941 | 146,787 |
Gross Unrealized Losses | (86,074) | (6,894) |
Fair Value | 41,838,798 | 11,870,508 |
U.S. Government and Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,000,000 | |
Gross Unrealized Losses | (18,270) | |
Fair Value | 2,981,730 | |
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 | 6,375,068 | 5,369,527 |
Corporate bonds due in Five through ten years, Amortized Cost | 1,002,542 | |
Corporate bonds due in Less than one year, Gross Unrealized Gains | 954 | |
Corporate bonds due in One through five years, Gross Unrealized Gains | 17,594 | 31,407 |
Corporate bonds due in Five through ten years, Gross Unrealized Gains | 3,050 | |
Corporate bonds due in One through five years, Gross Unrealized Losses | (636) | (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 | 6,392,026 | 5,396,748 |
Corporate bonds due in Five through ten years, Fair Value | 1,005,592 | |
Residential Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 21,695,539 | 5,359,734 |
Gross Unrealized Gains | 89,297 | 114,426 |
Gross Unrealized Losses | (24,591) | (2,708) |
Fair Value | 21,760,245 | $ 5,471,452 |
Commercial Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,741,782 | |
Gross Unrealized Losses | (42,577) | |
Fair Value | $ 9,699,205 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)Securities | Dec. 31, 2020USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in loss position | Securities | 14 | |
Interest – bearing deposits in other | Collateral Pledged | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, available-for-sale, restricted | $ 0 | $ 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 |
SECURITIES AVAILABLE FOR SALE_3
SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | $ 23,688,016 | $ 271,340 |
Unrealized Losses, Less Than 12 Months | (84,135) | (2,708) |
Fair Value, 12 Months or More | 250,581 | 2,005,441 |
Unrealized Losses, 12 Months or More | (1,939) | (4,186) |
Fair Value, Total | 23,938,597 | 2,276,781 |
Unrealized Losses, Total | (86,074) | (6,894) |
U.S. Government and Agency Obligations | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 2,981,730 | |
Unrealized Losses, Less Than 12 Months | (18,270) | |
Fair Value, Total | 2,981,730 | |
Unrealized Losses, Total | (18,270) | |
Corporate Bonds | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 1,006,523 | |
Unrealized Losses, Less Than 12 Months | (636) | |
Fair Value, 12 Months or More | 2,005,441 | |
Unrealized Losses, 12 Months or More | (4,186) | |
Fair Value, Total | 1,006,523 | 2,005,441 |
Unrealized Losses, Total | (636) | (4,186) |
Commercial Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 9,699,205 | |
Unrealized Losses, Less Than 12 Months | (42,577) | |
Fair Value, Total | 9,699,205 | |
Unrealized Losses, Total | (42,577) | |
Residential Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 10,000,558 | 271,340 |
Unrealized Losses, Less Than 12 Months | (22,652) | (2,708) |
Fair Value, 12 Months or More | 250,581 | |
Unrealized Losses, 12 Months or More | (1,939) | |
Fair Value, Total | 10,251,139 | 271,340 |
Unrealized Losses, Total | $ (24,591) | $ (2,708) |
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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 74,053,099 | $ 57,504,443 |
Gross Unrealized Gains | 822,646 | 1,445,151 |
Gross Unrealized Losses | (794,686) | (77,143) |
Fair Value | 74,081,059 | 58,872,451 |
U.S. Government-sponsored Agencies | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 3,000,000 | |
Securities held to maturity, due in Less than one year, Fair Value | 3,000,000 | |
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 | 13,681,053 | |
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 | 410,726 | |
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 | (39,870) | |
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 | 14,051,909 | |
Municipal Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 4,006,006 | 2,764,079 |
Securities held to maturity, due in One through five years, Amortized Cost | 903,483 | 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 | 1,732,386 | |
Securities held to maturity, due in Less than one year, Gross Unrealized Gains | 12,668 | 4,944 |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | 30,492 | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 27,353 | 32,201 |
Securities held to maturity, due in more than ten years, Gross Unrealized Gains | 9,527 | |
Securities held to maturity, due in Less than one year, Gross Unrealized Losses | (2,776) | (141) |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (15,399) | |
Securities held to maturity, due in Less than one year, Fair Value | 4,015,898 | 2,768,882 |
Securities held to maturity, due in One through five years, Fair Value | 888,084 | 1,088,101 |
Securities held to maturity, due in Five through ten years, Fair Value | 402,353 | 407,201 |
Securities held to maturity, due in more than ten years, Fair Value | 1,741,913 | |
Residential Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 16,913,787 | 11,906,884 |
Gross Unrealized Gains | 75,094 | 144,863 |
Gross Unrealized Losses | (240,797) | (15,440) |
Fair Value | 16,748,084 | 12,036,307 |
Commercial Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 33,441,384 | 31,263,861 |
Gross Unrealized Gains | 287,278 | 997,319 |
Gross Unrealized Losses | (495,844) | (59,042) |
Fair Value | $ 33,232,818 | $ 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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 26,164,492 | $ 7,240,085 |
Unrealized Losses, Less Than 12 Months | (397,491) | (77,143) |
Fair Value, 12 Months or More | 7,354,709 | |
Unrealized Losses, 12 Months or More | (397,195) | |
Fair Value, Total | 33,519,201 | 7,240,085 |
Unrealized Losses, Total | (794,686) | (77,143) |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 3,710,130 | 747,480 |
Unrealized Losses, Less Than 12 Months | (39,870) | (2,520) |
Fair Value, Total | 3,710,130 | 747,480 |
Unrealized Losses, Total | (39,870) | (2,520) |
Municipal Obligations | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 3,835,309 | 1,436,454 |
Unrealized Losses, Less Than 12 Months | (18,175) | (141) |
Fair Value, Total | 3,835,309 | 1,436,454 |
Unrealized Losses, Total | (18,175) | (141) |
MBSs – residential | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 10,720,544 | 2,403,485 |
Unrealized Losses, Less Than 12 Months | (141,726) | (15,440) |
Fair Value, 12 Months or More | 2,701,345 | |
Unrealized Losses, 12 Months or More | (99,071) | |
Fair Value, Total | 13,421,889 | 2,403,485 |
Unrealized Losses, Total | (240,797) | (15,440) |
MBSs – commercial | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 7,898,509 | 2,652,666 |
Unrealized Losses, Less Than 12 Months | (197,720) | (59,042) |
Fair Value, 12 Months or More | 4,653,364 | |
Unrealized Losses, 12 Months or More | (298,124) | |
Fair Value, Total | 12,551,873 | 2,652,666 |
Unrealized Losses, Total | $ (495,844) | $ (59,042) |
SECURITIES HELD TO MATURITY - A
SECURITIES HELD TO MATURITY - Additional Information (Detail) - Collateral Pledged - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 8,363,997 | $ 11,057,973 |
Interest – bearing deposits in other | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 3,976,629 | $ 4,327,429 |
LOANS - Summary of loans receiv
LOANS - Summary of loans receivable (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 572,362,843 | $ 559,932,027 | |
Allowance for loan losses | (2,153,174) | (2,241,174) | $ (2,016,174) |
Net loans | 570,209,669 | 557,690,853 | |
Commercial Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 7,905,524 | 13,652,248 | |
Allowance for loan losses | (9,400) | (14,000) | (9,000) |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 319,968,234 | 340,000,989 | |
Allowance for loan losses | (1,092,474) | (1,254,174) | (1,383,174) |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 175,375,419 | 171,634,451 | |
Allowance for loan losses | (768,600) | (841,000) | (512,000) |
Construction Loans | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 41,384,687 | 9,930,959 | |
Allowance for loan losses | (195,000) | (45,000) | (26,000) |
Home Equity and Other | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 27,728,979 | 24,713,380 | |
Allowance for loan losses | $ (87,700) | $ (87,000) | $ (86,000) |
LOANS - Additional Information
LOANS - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | 19 Months Ended | ||
Jun. 30, 2021USD ($)Application | Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)LoanApplication | Dec. 31, 2021USD ($) | Mar. 01, 2021USD ($) | |
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable from related parties | $ 577,143 | $ 748,662 | $ 577,143 | ||
Deferred loan fees | 1,249,332 | $ 1,844,233 | 1,249,332 | ||
Fair value of PCI loans | $ 5,565,827 | 5,565,827 | |||
Financing receivable, modifications, number of contracts | Loan | 0 | 0 | |||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | Loan | 0 | 1 | |||
Loan receivable outstanding balance | $ 572,362,843 | $ 559,932,027 | 572,362,843 | ||
Gibraltar Bank | |||||
Financing Receivable, Past Due [Line Items] | |||||
Fair value of PCI loans | 5,600,000 | 5,600,000 | $ 82,071,000 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Fair value of PCI loans | 39,261 | 39,261 | |||
Loan receivable outstanding balance | 7,905,524 | 13,652,248 | 7,905,524 | ||
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Fair value of PCI loans | 4,113,571 | 4,113,571 | |||
Loan receivable outstanding balance | 319,968,234 | $ 340,000,989 | 319,968,234 | ||
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 | 11,600,000 | ||||
Loan receivable outstanding balance | $ 5,800,000 | $ 5,800,000 |
LOANS - Summary of activity in
LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | $ 2,241,174 | $ 2,016,174 |
Provision (credit) for loan losses | (88,000) | 200,000 |
Recoveries | 25,000 | |
Ending balance | 2,153,174 | 2,241,174 |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 1,254,174 | 1,383,174 |
Provision (credit) for loan losses | (161,700) | (154,000) |
Recoveries | 25,000 | |
Ending balance | 1,092,474 | 1,254,174 |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 841,000 | 512,000 |
Provision (credit) for loan losses | (72,400) | 329,000 |
Ending balance | 768,600 | 841,000 |
Commercial Real Estate Portfolio Segment | Construction Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 45,000 | 26,000 |
Provision (credit) for loan losses | 150,000 | 19,000 |
Ending balance | 195,000 | 45,000 |
Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 14,000 | 9,000 |
Provision (credit) for loan losses | (4,600) | 5,000 |
Ending balance | 9,400 | 14,000 |
Consumer | Home Equity and Other | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 87,000 | 86,000 |
Provision (credit) for loan losses | 700 | 1,000 |
Ending balance | $ 87,700 | $ 87,000 |
LOANS - Summary of allowance fo
LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 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 | 2,241,174 | $ 2,016,174 |
Loans individually evaluated for impairment | 1,118,300 | 1,324,767 | |
Loans collectively evaluated for impairment | 565,678,716 | 558,607,260 | |
Loans acquired with deteriorated credit quality | 5,565,827 | ||
Total ending loans balance | 572,362,843 | 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 | 1,056,615 | 1,218,315 | |
Total ending allowance balance | 1,092,474 | 1,254,174 | 1,383,174 |
Loans individually evaluated for impairment | 1,099,793 | 1,082,371 | |
Loans collectively evaluated for impairment | 314,754,870 | 338,918,618 | |
Loans acquired with deteriorated credit quality | 4,113,571 | ||
Total ending loans balance | 319,968,234 | 340,000,989 | |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Collectively evaluated for impairment | 768,600 | 841,000 | |
Total ending allowance balance | 768,600 | 841,000 | 512,000 |
Loans individually evaluated for impairment | 223,352 | ||
Loans collectively evaluated for impairment | 173,962,424 | 171,411,099 | |
Loans acquired with deteriorated credit quality | 1,412,995 | ||
Total ending loans balance | 175,375,419 | 171,634,451 | |
Commercial Real Estate Portfolio Segment | Construction Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Collectively evaluated for impairment | 195,000 | 45,000 | |
Total ending allowance balance | 195,000 | 45,000 | 26,000 |
Loans collectively evaluated for impairment | 41,384,687 | 9,930,959 | |
Total ending loans balance | 41,384,687 | 9,930,959 | |
Commercial Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Collectively evaluated for impairment | 9,400 | 14,000 | |
Total ending allowance balance | 9,400 | 14,000 | 9,000 |
Loans collectively evaluated for impairment | 7,866,263 | 13,652,248 | |
Loans acquired with deteriorated credit quality | 39,261 | ||
Total ending loans balance | 7,905,524 | 13,652,248 | |
Consumer | Home Equity and Other | |||
Financing Receivable, Past Due [Line Items] | |||
Collectively evaluated for impairment | 87,700 | 87,000 | |
Total ending allowance balance | 87,700 | 87,000 | $ 86,000 |
Loans individually evaluated for impairment | 18,507 | 19,044 | |
Loans collectively evaluated for impairment | 27,710,472 | 24,694,336 | |
Loans acquired with deteriorated credit quality | 39,261 | ||
Total ending loans balance | $ 27,728,979 | $ 24,713,380 |
LOANS - Summary of impaired loa
LOANS - Summary of impaired loans (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Loans with no related allowance recorded | $ 1,992,979 | $ 1,147,126 |
Loans with a allowance recorded | 174,776 | 177,641 |
Average of individually impaired loans | 1,326,052 | 1,167,872 |
Amount of allowance for loan losses allocated | 35,859 | 35,859 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans with no related allowance recorded | 1,486,469 | 904,730 |
Loans with a allowance recorded | 174,776 | 177,641 |
Average of individually impaired loans | 1,195,600 | 922,950 |
Amount of allowance for loan losses allocated | 35,859 | 35,859 |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans with no related allowance recorded | 488,003 | 223,352 |
Average of individually impaired loans | 111,676 | 225,691 |
Home equity & other consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans with no related allowance recorded | 18,507 | 19,044 |
Average of individually impaired loans | $ 18,776 | $ 19,231 |
LOANS - Summary of recorded inv
LOANS - Summary of recorded investment in non-accrual and past due Excluding PCI Loans (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 864,544 | $ 692,583 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 846,037 | 673,539 |
Home Equity and Other Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 18,507 | $ 19,044 |
LOANS - Summary of aging of loa
LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | $ 5,565,827 | |
Total loans | 572,362,843 | $ 559,932,027 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 7,905,524 | 13,652,248 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 27,529 | 160,382 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 312,616 | 702,497 |
Greater than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 1,327,168 | 24,628 |
Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 1,667,313 | 887,507 |
Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 565,129,703 | 559,044,520 |
Not Past Due | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 7,905,524 | 13,652,248 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 4,113,571 | |
Total loans | 319,968,234 | 340,000,989 |
Residential First Mortgage | 60-89 Days Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 312,616 | 702,497 |
Residential First Mortgage | Greater than 89 Days Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 857,676 | 24,628 |
Residential First Mortgage | Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 1,170,292 | 727,125 |
Residential First Mortgage | Not Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 314,684,371 | 339,273,864 |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 1,412,995 | |
Total loans | 175,375,419 | 171,634,451 |
Commercial and Multi-Family | Not Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 173,962,424 | 171,634,451 |
Construction Loans | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 41,384,687 | 9,930,959 |
Construction Loans | Greater than 89 Days Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 469,492 | |
Construction Loans | Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 469,492 | |
Construction Loans | Not Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 40,915,195 | 9,930,959 |
Home Equity and Other Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 39,261 | |
Total loans | 27,728,979 | 24,713,380 |
Home Equity and Other Consumer | 30-59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 27,529 | 160,382 |
Home Equity and Other Consumer | Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | 27,529 | 160,382 |
Home Equity and Other Consumer | Not Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Due | $ 27,662,189 | $ 24,552,998 |
LOANS - Summary of loans rece_2
LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 572,362,843 | $ 559,932,027 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,905,524 | 13,652,248 |
Pass | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 570,043,048 | 557,246,186 |
Pass | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,905,524 | 13,652,248 |
Special Mention | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 383,034 | 567,766 |
Substandard | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,936,761 | 2,118,075 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 319,968,234 | 340,000,989 |
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 318,868,440 | 338,786,939 |
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 383,034 | 567,766 |
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 716,760 | 646,284 |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 175,375,419 | 171,634,451 |
Commercial and Multi-Family | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 174,173,925 | 170,181,704 |
Commercial and Multi-Family | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,201,494 | 1,452,747 |
Construction Loans | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 41,384,687 | 9,930,959 |
Construction Loans | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 41,384,687 | 9,930,959 |
Home Equity and Other Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 27,728,979 | 24,713,380 |
Home Equity and Other Consumer | Pass | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 27,710,472 | 24,694,336 |
Home Equity and Other Consumer | Substandard | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 18,507 | $ 19,044 |
PREMISES AND EQUIPMENT- Summary
PREMISES AND EQUIPMENT- Summary of premises and equipment (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment gross | $ 12,504,882 | $ 9,795,006 |
Accumulated depreciation | (4,376,903) | (4,123,909) |
Premises and equipment net | 8,127,979 | 5,671,097 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment gross | 2,402,995 | 2,332,911 |
Buildings and Improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment gross | 6,750,167 | 4,865,741 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment gross | $ 3,351,720 | $ 2,596,354 |
PREMISES AND EQUIPMENT - Additi
PREMISES AND EQUIPMENT - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 416,953 | $ 272,562 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Core deposit intangibles | $ 336,364 |
Core deposit accumulated amortization and amortization expense | $ 64,636 |
Core deposit Intangible asset amortized estimated useful lives | 10 years |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Estimated Aggregate future Amortization Expense for core deposit Intangible Assets (Details) | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 69,091 |
2023 | 61,157 |
2024 | 53,223 |
2025 | 45,289 |
2026 | 37,355 |
Thereafter | 70,248 |
Finite-Lived Intangible Assets, Net, Total | $ 336,363 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Line Items] | ||
Certificate of Deposit with minimum denomination of 250,000 | $ 92,878,700 | $ 81,138,052 |
Deposits | 597,479,778 | 501,973,031 |
Certificate of Deposit Accounts | ||
Deposits [Line Items] | ||
Brokered deposits | 52,867,000 | 54,191,000 |
Officers and Directors | ||
Deposits [Line Items] | ||
Deposits | $ 1,927,000 | $ 2,857,000 |
DEPOSITS - Scheduled maturities
DEPOSITS - Scheduled maturities of certificates of deposits (Detail) | Dec. 31, 2021USD ($) |
Maturities Of Time Deposits [Abstract] | |
2022 | $ 254,301,188 |
2023 | 72,547,767 |
2024 | 31,660,830 |
2025 | 2,925,510 |
2026 | 4,806,633 |
2027 | 154,432 |
Total | $ 366,396,359 |
ADVANCES FROM THE FEDERAL HOM_3
ADVANCES FROM THE FEDERAL HOME LOAN BANK ("FHLB") OF NEW YORK - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank Advances [Line Items] | ||
Short-term advances | $ 6,000,000 | $ 12,000,000 |
Weighted average interest rate | 0.48% | 0.49% |
Amortized Cost | $ 74,053,099 | $ 57,504,443 |
Securities available for sale | 41,838,798 | 11,870,508 |
Loans pledged as collateral | 239,039,288 | 218,297,386 |
Collateral Pledged | Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Federal Home Loan Bank Advances [Line Items] | ||
Amortized Cost | 8,363,997 | 11,057,973 |
Securities available for sale | 8,363,997 | 11,057,973 |
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank Advances [Line Items] | ||
Available additional borrowing potential amount | 160,449,349 | 123,217,630 |
Outstanding lines of credit | 51,000,000 | 51,000,000 |
Line of credit, outstanding balances | $ 0 | $ 0 |
Maximum | ||
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank advances, maturity period | 1 year | 1 year |
ADVANCES FROM THE FEDERAL HOM_4
ADVANCES FROM THE FEDERAL HOME LOAN BANK ("FHLB") OF NEW YORK - Summary of long-term advances (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank Advances [Line Items] | ||
Long-term advances, Weighted Average Rate | 0.48% | 0.49% |
Amortizing | ||
Federal Home Loan Bank Advances [Line Items] | ||
Long-term advances, Weighted Average Rate, year one | 1.90% | |
Long-term advances, Weighted Average Rate, year four | 0.73% | |
Long-term advances, Weighted Average Rate, year five | 0.80% | |
Long-term advances, Weighted Average Rate | 0.81% | |
Long-term advances, year one | $ 572,976 | |
Long-term advances, year four | 7,663,756 | |
Long-term advances, year five | 4,672,850 | $ 1,600,877 |
Long-term advances, year six | 9,690,043 | |
Long-term advances | $ 12,909,582 | 11,290,920 |
Non-repo Advances | ||
Federal Home Loan Bank Advances [Line Items] | ||
Long-term advances, Weighted Average Rate, year one | 2.01% | |
Long-term advances, Weighted Average Rate, year two | 2.03% | |
Long-term advances, Weighted Average Rate, year three | 1.99% | |
Long-term advances, Weighted Average Rate, year four | 1.52% | |
Long-term advances, Weighted Average Rate | 1.98% | |
Long-term advances, year one | $ 32,081,840 | 23,000,000 |
Long-term advances, year two | 23,037,169 | 28,000,000 |
Long-term advances, year three | 6,019,839 | 21,000,000 |
Long-term advances, year four | 5,003,306 | 6,000,000 |
Long-term advances, year five | 3,000,000 | |
Long-term advances | $ 66,142,154 | $ 81,000,000 |
ADVANCES FROM THE FEDERAL HOM_5
ADVANCES FROM THE FEDERAL HOME LOAN BANK ("FHLB") OF NEW YORK - Summary of payments over next five years (Detail) | Dec. 31, 2021USD ($) |
Federal Home Loan Bank Advances Maturities Summary [Abstract] | |
2022 | $ 38,654,816 |
2023 | 23,037,168 |
2024 | 6,019,839 |
2025 | 12,667,062 |
2026 | 4,672,851 |
Total | $ 85,051,736 |
INCOME TAXES - Summary of incom
INCOME TAXES - Summary of income tax expense (benefit) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current expense | ||
Federal | $ 1,016,179 | $ 843,986 |
State | 597,719 | 430,625 |
Total current expense | 1,613,898 | 1,274,611 |
Deferred expense (benefit) | ||
Federal | 200,147 | (572,520) |
State | 61,130 | (264,786) |
Total deferred expense (benefit) | 261,277 | (837,306) |
Total income tax expense | $ 1,875,175 | $ 437,305 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax rate | 21.00% | |
Retained earnings | $ 84,879,812 | $ 77,359,737 |
Unrecognized tax positions | 0 | 0 |
Interest or penalties | 0 | 0 |
Bad Debt Reserves [Member] | ||
Retained earnings | $ 2,558,000 | $ 2,558,000 |
INCOME TAXES - Summary of effec
INCOME TAXES - Summary of effective income tax rate reconciliation (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Expected income tax expense at federal tax rate | $ 1,973,002 | $ 526,161 |
Increase (decrease) in taxes resulting from: | ||
State income tax, net of federal income tax effect | 520,491 | 131,012 |
Bank Owned Life Insurance | (301,655) | (215,818) |
Bargain purchase gain | (409,704) | |
Merger expenses | 82,361 | |
Tax exempt interest, net | (12,366) | (10,679) |
Other, net | 23,046 | 6,629 |
Total income tax expense | $ 1,875,175 | $ 437,305 |
INCOME TAXES - Summary of defer
INCOME TAXES - Summary of deferred tax assets and liabilities (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan losses | $ 605,257 | $ 629,994 |
Deferred compensation | 818,588 | 706,899 |
Directors’ and officers’ retirement plans | 113,322 | 146,077 |
ESOP plans | 56,603 | |
Stock equity plans | 75,659 | |
Federal NOL carryforward | 398,701 | |
Depreciation | 42,535 | 13,952 |
Charitable Foundation Contribution | 552,997 | 691,365 |
Other | 41,186 | 26,694 |
Deferred tax assets, gross | 2,704,848 | 2,214,981 |
Deferred tax liabilities: | ||
Loan fees/costs | 633,792 | 537,069 |
Purchase accounting | 182,992 | |
Net unrealized gain on securities available for sale | 6,709 | 39,324 |
Deferred tax liabilities, gross | 823,493 | 576,393 |
Net deferred tax asset | $ 1,881,355 | $ 1,638,588 |
STOCK BASED COMPENSATION - Addi
STOCK BASED COMPENSATION - Additional Information (Detail) - USD ($) | Sep. 02, 2021 | Dec. 31, 2021 | Dec. 31, 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 | 523,619 | |||
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 | ||
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 | $ 158,000 | $ 0 | ||
Number of non-vested restricted shares outstanding | 226,519 | |||
Expected future compensation expense related to non-vested shares | $ 2,400,000 | |||
Weighted average period of non-vested restricted shares | 4 years 10 months 6 days | |||
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 | $ 153,000 | $ 0 | ||
Expected future compensation expense related to non-vested shares | $ 2,300,000 | |||
Vesting period of non-vested options | 4 years 10 months 6 days | |||
Grant date fair value of options awarded | $ 4.37 | |||
Expiration period of shares granted | 10 years | |||
Number of non-vested options outstanding | 526,119 |
STOCK BASED COMPENSATION - Summ
STOCK BASED COMPENSATION - Summary of Restricted Stock Activity (Detail) - Restricted Stock | 12 Months Ended |
Dec. 31, 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, Outstanding, Beginning balance | 0 |
Number of Restricted Shares, Granted | 226,519 |
Number of Restricted Shares, Outstanding, Ending balance | 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) | 12 Months Ended |
Dec. 31, 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, Forfeited | shares | (2,500) |
Number of Stock Options, Outstanding, Ending balance | shares | 523,619 |
Weighted Average Exercise Price | |
Weighted Average Exercise Price, Granted | $ / shares | $ 10.45 |
Weighted Average Exercise Price, Forfeited | $ / 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 |
BENEFIT PLANS - Additional Info
BENEFIT PLANS - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($)shares | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($)Installmentshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Accumulated other comprehensive income (loss), defined benefit plan, after tax total | $ 302,561 | $ 438,198 | |||
Prior service cost | 188,537 | 294,367 | |||
Net actuarial loss | 114,024 | 143,831 | |||
Deferred income tax recorded in accumulated other comprehensive loss | 85,048 | 123,223 | |||
Unrecognized past service liability | $ 128,126 | $ 124,353 | |||
Percentage of monthly retirement benefit changed from directors | 100.00% | ||||
Percentage of three year average annual compensation paid | 15.00% | ||||
Number of equal installments average compensation paid | Installment | 12 | ||||
Average annual compensation payment period | 120 months | ||||
ESOP shares issued | shares | 515,775 | 515,775 | |||
ESOP compensation expense | $ 258,247 | $ 218,714 | |||
Defined benefit plan, benefit obligation | 2,430,095 | 2,286,321 | $ 2,108,344 | ||
Defined benefit plan, expense | 199,044 | 150,774 | |||
Defined benefit plan amount recognized in accumulated other comprehensive loss | $ 100,583 | 81,300 | |||
Employee Stock Ownership Plan (ESOP) | |||||
Proceeds from issuance term loan | $ 6,000,000 | ||||
Debt instrument, term | 20 years | ||||
ESOP shares issued | shares | 515,775 | ||||
Term loan principal payable in installments month and year | 2039-01 | ||||
Fixed interest rate on term loan | 4.75% | ||||
Minimum | |||||
Director's average annual retainer period | 3 years | ||||
Debt instrument, term | 10 years | ||||
Maximum | |||||
Period served by director on board | 120 months | ||||
Debt instrument, term | 30 years | ||||
Scenario Forecast | |||||
Unrecognized past service liability | $ 130,821 | ||||
Defined benefit plan, expected future employer contributions, next fiscal year | $ 165,644 | ||||
Directors Retirement Plan | |||||
Percentage of average annual retainer percent | 100.00% | ||||
Annual retainer period of payment | 3 years | ||||
401 (k) Retirement Plan | |||||
Discretionary employer contributions, percent of match | 100.00% | ||||
Defined contribution plan, maximum annual contributions per employee, percent | 6.00% | ||||
Defined contribution plan, safe harbor contribution percentage | 3.00% | ||||
Discretionary employer contributions | $ 383,000 | 303,000 | |||
SERP | |||||
Defined benefit plan, benefit obligation | $ 885,136 | $ 666,809 |
BENEFIT PLANS - Summary of plan
BENEFIT PLANS - Summary of plan's funded status (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||
Projected benefit obligation - beginning | $ 2,286,321 | $ 2,108,344 |
Service cost | 194,326 | 140,750 |
Interest cost | 53,705 | 65,948 |
Actuarial (gain) loss | (7,680) | 54,321 |
Annuity payments | (96,577) | (83,042) |
Projected benefit obligation – ending | 2,430,095 | 2,286,321 |
Employer contributions | 96,577 | 83,042 |
Annuity payments | (96,577) | (83,042) |
Funded status and accrued pension cost included in other liabilities | $ 2,430,095 | $ 2,286,321 |
BENEFIT PLANS - Summary of amou
BENEFIT PLANS - Summary of amounts recognized in accumulated other comprehensive income (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Compensation And Retirement Disclosure [Abstract] | ||
Net actuarial loss | $ 114,024 | $ 143,831 |
Prior service cost | 188,537 | 294,367 |
Total | $ 302,561 | $ 438,198 |
BENEFIT PLANS - Components of n
BENEFIT PLANS - Components of net periodic benefit cost and other amounts recognized in other comprehensive income (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||
Service cost | $ 194,326 | $ 140,750 |
Interest cost | 53,705 | 65,948 |
Amortization of unrecognized past service liability | 128,126 | 124,353 |
Net periodic benefit cost | 376,157 | 331,051 |
Net loss (gain) | (7,680) | 54,321 |
Amortization of prior service cost | (128,126) | (124,353) |
Total recognized in other comprehensive income | (135,806) | (70,032) |
Total recognized in net periodic benefit cost and other comprehensive loss | $ 240,351 | $ 261,019 |
BENEFIT PLANS - Summary of weig
BENEFIT PLANS - Summary of weighted-average assumptions used to determine pension benefit obligations (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Compensation And Retirement Disclosure [Abstract] | ||
Discount rate | 2.90% | 2.30% |
BENEFIT PLANS - Summary of we_2
BENEFIT PLANS - Summary of weighted-average assumptions used to determine net periodic pension cost (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||
Discount rate | 2.90% | 2.30% |
Amortization period | 5 years 9 months 18 days | 4 years 10 months 24 days |
BENEFIT PLANS - Summary of expe
BENEFIT PLANS - Summary of expected future service expected to be paid (Detail) | Dec. 31, 2021USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2022 | $ 165,644 |
2023 | 196,317 |
2024 | 204,373 |
2025 | 292,989 |
2026 - 2028 | $ 738,844 |
BENEFIT PLANS - Summary of ESOP
BENEFIT PLANS - Summary of ESOP shares (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Compensation And Retirement Disclosure [Abstract] | ||
Allocated shares | 52,536 | 25,792 |
Unearned shares | 463,239 | 489,983 |
Total ESOP shares | 515,775 | 515,775 |
Fair value of unearned ESOP shares | $ 4,715,773 | $ 4,365,749 |
REGULATORY CAPITAL MATTERS - Ad
REGULATORY CAPITAL MATTERS - Additional Information (Detail) $ in Billions | Jan. 01, 2020USD ($) | Apr. 30, 2020 | Jan. 01, 2019 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Capital conservation buffer to risk weighted assets | 2.50% | ||
Tier 1 Common equity to risk weighted assets | 0.070 | ||
Tier 1 capital to risk weighted assets | 0.085 | ||
Total capital to risk weighted assets | 0.105 | ||
Leverage ratio | 0.09 | ||
Temporarily lowering CBLR requirement in 2020 | 8.00% | ||
Temporarily lowering CBLR requirement in 2021 | 8.50% | ||
Temporarily lowering CBLR requirement in 2022 | 9.00% | ||
Community bank leverage ratio requirement qualifying community banking organization minimum percentage | 1.00% | ||
Maximum | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Total consolidated assets | $ 10 |
REGULATORY CAPITAL MATTERS - Su
REGULATORY CAPITAL MATTERS - Summary of actual and required capital amounts and ratios (Detail) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Regulatory Capital Matters [Abstract] | ||
Tier 1 capital to average assets with bank, Actual Amount | $ 121,233 | $ 101,667 |
Tier 1 capital to average assets with bank, Actual Ratio | 0.1455 | 0.1363 |
Tier 1 capital to average assets with bank, Required For Capital Adequacy Purposes Amount | $ 67,006 | $ 59,662 |
Tier 1 capital to average assets with bank, Required For Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of outstanding firm commitments (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed Rate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 3,156,250 | $ 12,489,000 |
Fixed Rate | Residential Mortgage Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 2,986,250 | 8,524,000 |
Fixed Rate | Commercial Real Estate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 1,830,000 | |
Fixed Rate | Home Equity Line of Credit | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 170,000 | 2,135,000 |
Variable Rate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 9,982,375 | 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 | 1,400,000 | $ 4,675,000 |
Variable Rate | Construction Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 7,522,375 | |
Variable Rate | Home Equity Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 1,060,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Line Items] | ||
Operating leases, rent expense | $ 152,725 | $ 39,195 |
Home Equity and Other | ||
Commitments and Contingencies [Line Items] | ||
Undisbursed loan funds | 48,028,579 | 41,774,944 |
Business Line of Credit | ||
Commitments and Contingencies [Line Items] | ||
Undisbursed loan funds | $ 7,938,797 | $ 427,827 |
Minimum | ||
Commitments and Contingencies [Line Items] | ||
Interest rate | 2.99% | |
Maturity term | 10 years | |
Maximum | ||
Commitments and Contingencies [Line Items] | ||
Interest rate | 4.00% | |
Maturity term | 30 years |
FAIR VALUE - Summary of assets
FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 41,838,798 | $ 11,870,508 |
MBSs – residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 21,760,245 | 5,471,452 |
MBSs – commercial | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 9,699,205 | |
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 41,838,798 | 11,870,508 |
Fair Value, Recurring Basis | U.S. government and agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 2,981,730 | |
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 | 7,397,618 | 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 | 21,760,245 | 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 | 9,699,205 | |
Fair Value, Recurring Basis | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 41,838,798 | 11,870,508 |
Fair Value, Recurring Basis | Carrying Value | U.S. government and agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 2,981,730 | |
Fair Value, Recurring Basis | Carrying Value | Corporate Bonds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 7,397,618 | 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 | 21,760,245 | $ 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 | $ 9,699,205 |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Non-recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
FAIR VALUE - Summary of carryin
FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Financial instruments - assets | ||
Investment securities held-to-maturity | $ 74,081,059 | $ 58,872,451 |
Loans | 569,845,000 | 544,392,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 365,452,000 | 359,465,000 |
Borrowings | 86,657,000 | 106,159,000 |
Fair Value Measurement Placement (Level 2) | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 74,081,000 | 58,872,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 365,452,000 | 359,465,000 |
Borrowings | 86,657,000 | 106,159,000 |
Fair Value Measurement Placement (Level 3) | ||
Financial instruments - assets | ||
Loans | 569,845,000 | 544,392,000 |
Carrying Value | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 74,053,000 | 57,504,000 |
Loans | 571,363,000 | 557,691,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 366,396,000 | 356,364,000 |
Borrowings | $ 85,052,000 | $ 104,291,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 128,468,076 | $ 74,977,847 |
Comprehensive income | 7,520,432 | 2,108,877 |
Ending balance | 147,576,211 | 128,468,076 |
Unrealized loss in investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (373,582) | |
Other comprehensive income loss before reclassification | 83,768 | |
Comprehensive income | 83,768 | |
Ending balance | (289,814) | (373,582) |
Defined Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 100,569 | |
Other comprehensive income loss before reclassification | 42,115 | |
Amounts reclassified from other comprehensive income (loss) | (125,526) | |
Comprehensive income | (83,411) | |
Ending balance | 17,158 | 100,569 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (273,013) | (313,665) |
Other comprehensive income loss before reclassification | 125,883 | |
Amounts reclassified from other comprehensive income (loss) | (125,526) | |
Comprehensive income | 357 | |
Ending balance | $ (272,656) | $ (273,013) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of other comprehensive accumulated loss components (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | $ 14,463,521 | $ 11,997,734 |
Provision for income taxes | 1,875,175 | $ 437,305 |
Defined Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period | (125,526) | |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | 174,609 | |
Provision for income taxes | (49,083) | |
Total reclassifications for the period | $ 125,526 |
PARENT-ONLY FINANCIAL INFORMA_3
PARENT-ONLY FINANCIAL INFORMATION - Condensed statements of financial condition (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and due from banks | $ 14,446,792 | $ 5,957,564 | |
Loan from Bogota Savings Bank | 570,209,669 | 557,690,853 | |
Total assets | 837,361,587 | 740,904,878 | |
Liabilities | |||
Other liabilities | 4,397,742 | 3,612,762 | |
Total liabilities | 689,785,376 | 612,436,802 | |
Stockholders' Equity | |||
Total stockholders' equity | 147,576,211 | 128,468,076 | $ 74,977,847 |
Total liabilities and stockholders' equity | 837,361,587 | $ 740,904,878 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 20,736,000 | ||
Investment in subsidiary bank | 121,233,000 | ||
Loan from Bogota Savings Bank | 5,626,000 | ||
Total assets | 147,595,000 | ||
Liabilities | |||
Other liabilities | 19,000 | ||
Total liabilities | 19,000 | ||
Stockholders' Equity | |||
Total stockholders' equity | 147,576,000 | ||
Total liabilities and stockholders' equity | $ 147,595,000 |
PARENT-ONLY FINANCIAL INFORMA_4
PARENT-ONLY FINANCIAL INFORMATION - Condensed statements of income (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | ||
Loans | $ 22,672,097 | $ 20,870,655 |
Total interest income | 25,067,670 | 23,276,262 |
Non-interest expenses | ||
Merger costs | 392,197 | |
Total non-interest expenses | 14,463,521 | 11,997,734 |
Income tax expense | 1,875,175 | 437,305 |
Net income | 7,520,075 | $ 2,068,225 |
Parent Company [Member] | ||
Interest income | ||
Loans | 276,000 | |
Total interest income | 276,000 | |
Non-interest expenses | ||
Merger costs | 392,000 | |
Total non-interest expenses | 392,000 | |
Income before income taxes | (116,000) | |
Income tax expense | 133,000 | |
Net income | (249,000) | |
Undistibuted earnings of subsidiaries | 7,769,000 | |
Net income | $ 7,520,000 |
PARENT-ONLY FINANCIAL INFORMA_5
PARENT-ONLY FINANCIAL INFORMATION - Condensed statements of cash flows (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net changes in other liabilities | $ 201,487 | $ 434,135 |
Net cash provided by operating activities | 5,175,045 | 5,804,060 |
Cash flows from investing activities | ||
Net (increase) decrease in loans | 38,476,501 | (19,587,498) |
Net cash provided by (used in) investing activities | 35,933,286 | (22,252,576) |
Cash flows from financing activities | ||
Repurchase of common stock | (481,468) | |
Net cash used in financing activities | (16,425,285) | (31,028,304) |
Net increase (decrease) in cash and cash equivalents | 24,683,046 | (47,476,820) |
Cash and cash equivalents – beginning of year | 80,385,739 | 127,862,559 |
Cash and cash equivalents – end of year | 105,068,785 | 80,385,739 |
Parent Company [Member] | ||
Cash flows from operating activities | ||
Net income before undistributed earnings of subsidiaries | 7,520,000 | |
Undistibuted earnings of subsidiaries | (7,769,000) | |
Net changes in other liabilities | (11,000) | |
Net cash provided by operating activities | (260,000) | |
Cash flows from investing activities | ||
Net (increase) decrease in loans | 195,000 | |
Net cash provided by (used in) investing activities | 195,000 | |
Cash flows from financing activities | ||
Repurchase of common stock | (482,000) | |
Net cash used in financing activities | (482,000) | |
Net increase (decrease) in cash and cash equivalents | (547,000) | |
Cash and cash equivalents – beginning of year | 21,283,000 | |
Cash and cash equivalents – end of year | $ 20,736,000 | $ 21,283,000 |