Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Bogota Financial Corp. | |
Entity Central Index Key | 0001787414 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | NJ | |
Entity Incorporation, State or Country Code | MD | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 13,502,757 | |
Trading Symbol | BSBK | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-39180 | |
Entity Tax Identification Number | 84-3501231 | |
Entity Address, Address Line One | 819 Teaneck Road | |
Entity Address, City Or Town | Teaneck | |
Entity Address, Postal Zip Code | 07666 | |
City Area Code | 201 | |
Local Phone Number | 862-0660 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 11,423,093 | $ 8,160,028 |
Interest-bearing deposits in other banks | 13,079,185 | 8,680,889 |
Cash and cash equivalents | 24,502,278 | 16,840,917 |
Securities available for sale | 82,051,189 | 85,100,578 |
Securities held to maturity (fair value of $71,201,953 and $70,699,651,respectively) | 78,207,206 | 77,427,309 |
Loans, net of allowance of $2,735,174 and $2,578,174, respectively | 711,890,347 | 719,025,762 |
Premises and equipment, net | 7,852,299 | 7,884,335 |
Federal Home Loan Bank (FHLB) stock and other restricted securities | 5,918,600 | 5,490,900 |
Accrued interest receivable | 3,777,228 | 3,966,651 |
Core deposit intangibles | 251,240 | 267,272 |
Bank-owned life insurance | 30,392,377 | 30,206,325 |
Other assets | 5,447,449 | 4,888,954 |
Total Assets | 950,290,213 | 951,099,003 |
Liabilities and Equity | ||
Non-interest bearing deposits | 38,107,101 | 38,653,349 |
Interest bearing deposits | 652,604,123 | 662,758,100 |
Total deposits | 690,711,224 | 701,411,449 |
Advance payments by borrowers for taxes and insurance | 3,499,731 | 3,174,661 |
Other liabilities | 4,961,068 | 4,534,516 |
Total liabilities | 811,203,954 | 811,439,880 |
Stockholders’ Equity | ||
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2023 and December 31, 2022 | ||
Common stock $0.01 par value, 30,000,000 shares authorized, 13,572,356 issued and outstanding at March 31, 2023 and 13,699,016 at December 31, 2022 | 135,723 | 136,989 |
Additional paid-in capital | 57,928,185 | 59,099,476 |
Retained earnings | 92,527,240 | 91,756,673 |
Unearned ESOP shares (429,900 shares at March 31, 2023 and 436,945 shares at December 31, 2022) | (5,047,701) | (5,123,002) |
Accumulated other comprehensive loss | (6,457,188) | (6,211,013) |
Total stockholders’ equity | 139,086,259 | 139,659,123 |
Total liabilities and stockholders’ equity | 950,290,213 | 951,099,003 |
Short term debt | ||
Liabilities and Equity | ||
FHLB advances | 36,500,000 | 59,000,000 |
Long term debt | ||
Liabilities and Equity | ||
FHLB advances | $ 75,531,931 | $ 43,319,254 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Fair value of Securities Maturities | $ 71,201,953 | $ 70,699,651 |
Allowance For Loan | $ 2,860,949 | $ 2,578,174 |
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 | 13,572,356 | 13,699,016 |
Common shares outstanding | 13,572,356 | 13,699,016 |
Unearned ESOP Shares | 429,900 | 436,945 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income | ||
Loans, including fees | $ 7,699,438 | $ 5,537,080 |
Securities | ||
Taxable | 1,051,260 | 637,121 |
Tax-exempt | 44,902 | 20,996 |
Other interest-earning assets | 221,589 | 83,813 |
Total interest income | 9,017,189 | 6,279,010 |
Interest expense | ||
Deposits | 3,714,997 | 826,184 |
FHLB advances | 777,354 | 329,833 |
Total interest expense | 4,492,351 | 1,156,017 |
Net interest income | 4,524,838 | 5,122,993 |
Net interest income after provision for credit losses | 4,524,838 | 5,122,993 |
Non-interest income | ||
Fees and service charges | 52,152 | 39,318 |
Gain on sale of loans | 13,225 | 87,130 |
Bank-owned life insurance | 186,053 | 155,993 |
Other | 31,849 | 61,982 |
Total non-interest income | 283,279 | 344,423 |
Non-interest expense | ||
Salaries and employee benefits | 2,162,369 | 2,063,347 |
Occupancy and equipment | 382,787 | 344,429 |
FDIC insurance assessment | 60,000 | 54,000 |
Data processing | 277,097 | 278,347 |
Advertising | 147,300 | 121,145 |
Director fees | 159,337 | 214,791 |
Professional fees | 149,250 | 144,263 |
Other | 179,208 | 320,953 |
Total non-interest expense | 3,517,348 | 3,541,275 |
Income before income taxes | 1,290,769 | 1,926,141 |
Income tax expense | 298,062 | 525,244 |
Net income | $ 992,707 | $ 1,400,897 |
Earnings per Share - basic | $ 0.08 | $ 0.10 |
Earnings per Share - diluted | $ 0.08 | $ 0.10 |
Weighted average shares outstanding- basic | 13,013,492 | 13,858,884 |
Weighted average shares outstanding - diluted | 13,055,533 | 13,878,304 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 992,707 | $ 1,400,897 |
Other comprehensive (loss): | ||
Net unrealized loss on securities available for sale | (158,702) | (3,338,417) |
Tax effect | 44,610 | 938,429 |
Net of tax | (114,092) | (2,399,988) |
Defined benefit retirement plans: | ||
Reclassification adjustment for amortization of prior service cost and net gain included in salaries and employee benefits | (23,016) | 57,850 |
Tax effect | 6,470 | (16,261) |
Net of tax | (16,546) | 41,589 |
Derivatives, net of tax: | ||
Unrealized loss on swap contracts accounted for as cash flow hedges | (160,713) | |
Tax effect | 45,176 | |
Net of tax | (115,537) | |
Total other comprehensive loss | (246,175) | (2,358,399) |
Comprehensive income (loss) | $ 746,532 | $ (957,502) |
Consolidated Statements Of Equi
Consolidated Statements Of Equity (unaudited) - USD ($) | Total | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Unearned ESOP shares | Accumulates Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2021 | $ 147,576,211 | $ 146,057 | $ 68,247,204 | $ 84,879,812 | $ (5,424,206) | $ (272,656) | ||
Beginning balance, shares at Dec. 31, 2021 | 14,605,809 | |||||||
Net income | 1,400,897 | 1,400,897 | ||||||
Other comprehensive (loss) income | (2,358,399) | (2,358,399) | ||||||
Stock based compensation | 233,193 | 233,193 | ||||||
Stock purchased and retired | (1,892,115) | $ (1,805) | (1,890,310) | |||||
Stock purchased and retired, shares | (180,501) | |||||||
ESOP Shares released | 66,145 | (9,156) | 75,301 | |||||
Ending balance at Mar. 31, 2022 | 145,025,932 | $ 144,252 | 66,580,931 | 86,280,709 | (5,348,905) | (2,631,055) | ||
Ending balance, shares at Mar. 31, 2022 | 14,425,308 | |||||||
Beginning balance at Dec. 31, 2022 | 139,659,123 | $ (222,140) | $ 136,989 | 59,099,476 | 91,756,673 | $ (222,140) | (5,123,002) | (6,211,013) |
Beginning balance, shares at Dec. 31, 2022 | 13,699,016 | |||||||
Net income | 992,707 | 992,707 | ||||||
Other comprehensive (loss) income | (246,175) | (246,175) | ||||||
Stock based compensation | 233,193 | 233,193 | ||||||
Stock purchased and retired | (1,402,834) | $ (1,266) | (1,401,568) | |||||
Stock purchased and retired, shares | (126,660) | |||||||
ESOP Shares released | 72,385 | (2,916) | 75,301 | |||||
Ending balance at Mar. 31, 2023 | $ 139,086,259 | $ 135,723 | $ 57,928,185 | $ 92,527,240 | $ (5,047,701) | $ (6,457,188) | ||
Ending balance, shares at Mar. 31, 2023 | 13,572,356 | |||||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) (unaudited) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
ESOP Shares released, shares | 25,789 | 25,789 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net income | $ 992,707 | $ 1,400,897 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible asset | (29,410) | (36,955) |
Depreciation of premises and equipment | 125,591 | 115,751 |
Amortization (accretion) of deferred loan (fees) costs, net | 96,560 | (50,202) |
Amortization of premiums and accretion of discounts on securities, net | 6,893 | 21,590 |
Gain on sale of loans | (13,225) | (87,130) |
Proceeds from sale of loans | 649,225 | 4,402,073 |
Origination of loans held for sale | (636,000) | |
Increase in cash surrender value of bank owned life insurance | (186,052) | (143,296) |
Employee stock ownership plan expense | 72,385 | 66,146 |
Stock based compensation | 233,193 | 233,193 |
Changes in: | ||
Accrued interest receivable | 189,423 | (57,827) |
Net changes in other assets | (536,090) | 1,887,663 |
Net changes in other liabilities | 251,534 | 455,797 |
Net cash provided by operating activities | 1,216,734 | 8,207,700 |
Cash flows from investing activities | ||
Purchases of securities held to maturity | (1,000,000) | (11,395,678) |
Purchases of securities available for sale | (54,117,158) | |
Maturities, calls, and repayments of securities available for sale | 2,883,794 | 1,004,209 |
Maturities, calls, and repayments of securities held to maturity | 220,103 | 4,134,147 |
Net decrease in loans | 6,898,525 | 2,216,500 |
Purchases of premises and equipment | (93,555) | (48,681) |
Purchase of FHLB Stock | (2,024,300) | |
Redemption of FHLB stock | 1,596,600 | 336,600 |
Net cash provided by (used in) investing activities | 8,481,167 | (57,870,061) |
Cash flows from financing activities | ||
Net (decrease) increase in deposits | (10,685,712) | 22,491,367 |
Net decrease in short-term FHLB advances | (22,500,000) | (6,000,000) |
Proceeds from long-term FHLB non-repo advances | 36,000,000 | |
Repayments of long-term FHLB non-repo advances | (3,773,064) | (1,027,300) |
Repurchase of common stock | (1,402,834) | (1,892,115) |
Net increase in advance payments from borrowers for taxes and insurance | 325,070 | 75,878 |
Net cash (used in) provided by financing activities | (2,036,540) | 13,647,830 |
Net (decrease) increase in cash and cash equivalents | 7,661,361 | (36,014,531) |
Cash and cash equivalents at beginning of year | 16,840,917 | 105,068,785 |
Cash and cash equivalents at end of year | 24,502,278 | 69,054,254 |
Supplemental cash flow information | ||
Interest paid | $ 4,359,274 | $ 1,164,604 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation : On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at March 31, 2023 and December 31, 2022. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity. Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and non-vested shares of restricted stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three month periods ended March 31, 2023 and March 31, 2022, options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. Anti-dilutive options are those options with weighted average exercise prices in excess of the weighted average market value for the periods presented. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 For the three months ended March 31, 2022 Numerator Net income $ 992,707 $ 1,400,897 Denominator: Weighted average shares outstanding - basic 13,013,492 13,858,884 Effect of stock options 42,041 19,420 Weighted average shares outstanding - diluted 13,055,533 13,878,304 Earnings per common share: Basic $ 0.08 $ 0.10 Diluted 0.08 0.10 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ under different conditions than those assumed. Basis of Presentation : The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Financial Corp. at and for the year ended December 31, 2022. Allowance for Credit Losses - Loans and Leases : The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The Company has minimal history of credit losses and therefore will use the Weighted Average Remaining Maturity (WARM) method for all segments and rely on the use of qualitative factors to determine future credit losses. The Company also considers qualitative adjustments to the quantitative baseline. For example, the Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. Relevant factors include, but are not limited to, concentrations of credit risk (geographic, large borrower, and industry), economic trends and conditions, changes in underwriting standards, experience and depth of lending staff, trends in delinquencies, and the level of criticized loans. NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company also incorporates a one-year reasonable and supportable (“R&S”) loss forecast period to account for the effect of forecasted economic conditions and other factors on the performance of the commercial portfolio, which could differ from historical loss experience. The Company performs a quarterly asset quality review, which includes a review of forecasted gross charge-offs and recoveries, non-performing assets, criticized loans and leases, and risk rating migration. The asset quality review is reviewed by management and the results are used to consider a qualitative overlay to the quantitative baseline. After the one-year R&S loss forecast period, this overlay adjustment assumes an immediate reversion to historical loss rates for the remaining loan life period. The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans are removed from the pooling approach discussed above for the quantitative baseline, and include non-accrual loans, and other loans as deemed appropriate by management. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including: residential properties; commercial properties, such as retail centers, office buildings, and lodging; agriculture land; and vacant land. The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of condition), with adjustments to the reserve recognized in other noninterest expense in the consolidated statements of income. The Unfunded Reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). To estimate future draws on unfunded balances, current utilization rates are compared to historical utilization rates. If current utilization rates are below historical utilization rates, the rate difference is applied to the committed balance to estimate the future draw. Loss rates are estimated by utilizing the same loss rates calculated for the allowance general reserves. NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Adoption of Accounting Standards : In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326), which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This Update was effective for SEC filers that qualify as smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has no history of credit losses and therefore will use the Remaining Life (WARM) method and rely on the use of qualitative factors to determine future credit losses. Upon adoption of the CECL method of calculating the allowance for credit losses on January 1, 2023, the Bank recorded a one-time decrease, net of tax, in retained earnings of $ 222,000 , an increase to the allowance for credit losses of $ 157,000 , an increase in the reserve for unfunded liabilities of $ 152,000 and $ 0 related to available-for-sale securities. See note 4 for additional information. The below table includes $ 125,775 of credit losses on PCI loans that have been added to Allowance for credit losses as per the adoption of ASU 326. The Bank adopted the provisions of ASC 326 related to financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30 using the prospective transition approach. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $ 125,775 of the allowance for credit losses (ACL). The Bank adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Bank as of the date of adoption. The effect of the adoption of ASC 326 on the allowance for credit losses by portfolio segment was: Pre Adoption The effect of adoption Post Adoption Real estate: (unaudited) Residential First Mortgage $ 466,100,627 $ 29,589,213 $ 495,689,840 Commercial and Multi-Family Real Estate 162,338,669 ( 162,338,669 ) — Commercial Real Estate — 96,030,721 96,030,721 Multi-Family Real Estate — 66,400,713 66,400,713 Construction 61,825,478 — 61,825,478 Commercial and Industrial 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer 29,654,973 ( 29,654,973 ) — Consumer — 98,770 98,770 Total loans 721,603,936 125,775 721,729,711 Allowance for credit losses ( 2,578,174 ) ( 282,775 ) ( 2,860,949 ) Net loans $ 719,025,762 $ ( 157,000 ) $ 718,868,762 Pre Adoption The effect of adoption Post Adoption Assets (unaudited) ACL on loans Residential First Mortgage $ 1,602,534 $ 211,669 $ 1,814,203 Commercial and Multi-Family Real Estate 615,480 ( 615,480 ) — Commercial Real Estate — 522,977 522,977 Multi-Family Real Estate — 259,769 259,769 Construction 258,500 1,500 260,000 Commercial and Industrial 3,960 40 4,000 Home Equity and Other Consumer 97,700 ( 97,700 ) — Liabilities ACL for unfunded commitments — 152,000 152,000 Total $ 2,578,174 $ 434,775 $ 3,012,949 In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. This ASU became effective on January 1, 2023 for the Corporation. The adoption of this ASU resulted in updated disclosures within our financial statements but otherwise did not have a material impact on the Corporation's financial statements. |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 3 Months Ended |
Mar. 31, 2023 | |
Available-for-sale Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 2 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at March 31, 2023 and December 31, 2022: Amortized Gross Gross Fair March 31, 2023 U.S treasury bills less than one year $ 4,994,975 $ — $ ( 11,211 ) 4,983,764 U.S. government and agency obligations One through five years 6,000,000 — ( 499,068 ) 5,500,932 Corporate bonds due in: Less than one year 3,009,923 — ( 21,454 ) 2,988,469 One through five years 11,199,122 — ( 469,648 ) 10,729,474 Five through ten years 1,000,000 — ( 81,130 ) 918,870 MBSs – residential 44,047,282 4,458 ( 5,754,573 ) 38,297,167 MBSs – commercial 20,999,717 — ( 2,367,204 ) 18,632,513 Total $ 91,251,019 $ 4,458 $ ( 9,204,288 ) $ 82,051,189 Amortized Gross Gross Fair December 31, 2022 U.S. treasury bills $ 4,971,310 $ — $ ( 43,702 ) $ 4,927,608 U.S. government and agency obligations One through five years 6,000,000 — ( 534,846 ) 5,465,154 Corporate bonds due in: Less than one year 3,022,044 — ( 37,230 ) 2,984,814 One through five years 12,182,364 554 ( 585,085 ) 11,597,833 Five through ten years 1,000,000 — ( 76,600 ) 923,400 MBSs – residential 44,879,199 2,146 ( 5,232,300 ) 39,649,045 MBSs – commercial 22,086,788 — ( 2,534,064 ) 19,552,724 Total $ 94,141,705 $ 2,700 $ ( 9,043,827 ) $ 85,100,578 All of the mortgaged-backed securities (“MBSs”) are issued by the following government sponsored agencies: Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”). NOTE 2 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the three months ended March 31, 2023 or March 31, 2022. The age of unrealized losses and the fair value of related securities as of March 31, 2023 and December 31, 2022 were as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2023 U.S treasury bills $ — $ — $ 4,983,764 $ ( 11,211 ) $ 4,983,764 $ ( 11,211 ) U.S. government and agency obligations — — 5,500,932 ( 499,068 ) 5,500,932 ( 499,068 ) Corporate bonds — — 14,636,812 ( 572,232 ) 14,636,812 ( 572,232 ) MBSs – residential 3,390,067 ( 177,215 ) 34,373,999 ( 5,577,358 ) 37,764,066 ( 5,754,573 ) MBSs – commercial 4,188,975 ( 149,428 ) 14,443,537 ( 2,217,776 ) 18,632,512 ( 2,367,204 ) Total $ 7,579,042 $ ( 326,643 ) $ 73,939,044 $ ( 8,877,645 ) $ 81,518,086 $ ( 9,204,288 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 U.S treasury bills $ 4,927,608 $ ( 43,702 ) $ — $ — $ 4,927,608 $ ( 43,702 ) U.S. government and agency obligations 2,758,248 ( 241,752 ) 2,706,906 ( 293,094 ) 5,465,154 ( 534,846 ) Corporate bonds 11,859,089 ( 392,367 ) 2,647,402 ( 306,548 ) 14,506,491 ( 698,915 ) MBSs – residential 16,474,573 ( 1,557,718 ) 22,801,879 ( 3,674,582 ) 39,276,452 ( 5,232,300 ) MBSs – commercial 9,449,159 ( 857,122 ) 10,103,565 ( 1,676,942 ) 19,552,724 ( 2,534,064 ) Total $ 45,468,677 $ ( 3,092,661 ) $ 38,259,752 $ ( 5,951,166 ) $ 83,728,429 $ ( 9,043,827 ) Unrealized losses on corporate bonds available for sale are not considered to be credit losses 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 was largely due to changes in interest rates and other market conditions. At March 31, 2023 , 100 % of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies, primarily FNMA and FHLMC, institutions which the government has affirmed its commitment to support. Because the decline in fair value was attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these losses to be credit-related at March 31, 2023. At December 31, 2022 the Bank does not consider these securities to be other-than-temporary impaired. At March 31, 2023 and December 31, 2022, securities available for sale with a carrying value of $ 123,808 and $ 126,662 were pledged to secure public deposits. There were 50 securities in a loss position at March 31, 2023 . |
SECURITIES HELD TO MATURITY
SECURITIES HELD TO MATURITY | 3 Months Ended |
Mar. 31, 2023 | |
Held-to-maturity Securities | |
Marketable Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 3 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity at March 31, 2023 and December 31, 2022: Amortized Gross Gross Fair March 31, 2023 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ ( 428,570 ) $ 9,571,430 Five through ten years 3,000,000 — ( 388,377 ) 2,611,623 Corporate bonds due in: One through five years 2,447,722 — ( 57,009 ) 2,390,713 Five through ten years 17,277,373 — ( 1,511,930 ) 15,765,443 Municipal obligations due in: Less than one year 7,700,335 — ( 6,787 ) 7,693,548 One through five years 902,310 — ( 72,825 ) 829,485 Five through ten years 375,000 1,961 — 376,961 Greater than ten years 1,727,132 — ( 309,700 ) 1,417,432 MBSs: Residential 13,991,428 840 ( 1,530,638 ) 12,461,630 Commercial 20,785,906 — ( 2,702,218 ) 18,083,688 Total $ 78,207,206 $ 2,801 $ ( 7,008,054 ) $ 71,201,953 Effective January 1, 2023, the company adopted the provision of ASC 326, which requires management to complete an evaluation of the HTM securities portfolio to identify whether any allowance for credit losses is required. Management completed an evaluation as of the adoption date and determined the allowance for credit losses on the HTM portfolio was not significant. This determination was based on financial review of securities and ratings of each security. Amortized Gross Gross Fair December 31, 2022 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ ( 456,850 ) $ 9,543,150 Five through ten years 3,000,000 — ( 466,866 ) 2,533,134 Corporate bonds due in: One through five years 2,444,729 1,269 ( 55,836 ) 2,390,162 Five through ten years 15,825,262 54,738 ( 1,045,557 ) 14,834,443 Municipal obligations due in: Less than one year 7,706,402 — ( 36,250 ) 7,670,152 One through five years 902,545 — ( 84,742 ) 817,803 Five through ten years 375,000 1,286 — 376,286 Greater than ten years 1,728,184 — ( 346,586 ) 1,381,598 MBSs: Residential 14,425,827 410 ( 1,431,861 ) 12,994,376 Commercial 21,019,360 — ( 2,860,813 ) 18,158,547 Total $ 77,427,309 $ 57,703 $ ( 6,785,361 ) $ 70,699,651 All of the MBSs are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 3 – SECURITIES HELD TO MATURITY (Continued) The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized March 31, 2023 U.S. government and agency obligations $ — $ — $ 12,183,053 $ ( 816,947 ) $ 12,183,053 $ ( 816,947 ) Corporate bonds 13,871,194 ( 1,103,901 ) 4,284,963 ( 465,038 ) 18,156,157 ( 1,568,939 ) Municipal bonds 7,693,548 ( 6,787 ) 2,246,917 ( 382,525 ) 7,693,548 ( 389,312 ) MBSs – residential 932,470 ( 27,773 ) 11,366,555 ( 1,502,865 ) 12,299,025 ( 1,530,638 ) MBSs – commercial — — 18,083,688 ( 2,702,218 ) 18,083,688 ( 2,702,218 ) Total $ 22,497,212 $ ( 1,138,461 ) $ 48,165,176 $ ( 5,869,593 ) $ 68,415,471 $ ( 7,008,054 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2022 U.S. government and agency obligations $ 9,543,150 $ ( 456,850 ) $ 2,533,134 $ ( 466,866 ) $ 12,076,284 $ ( 923,716 ) Corporate bonds 11,464,282 ( 680,447 ) 3,329,054 ( 420,946 ) 14,793,336 ( 1,101,393 ) Municipal bonds 7,670,152 ( 36,250 ) 2,199,401 ( 431,328 ) 9,869,553 ( 467,578 ) MBSs – residential 2,008,303 ( 101,341 ) 10,809,648 ( 1,330,520 ) 12,817,951 ( 1,431,861 ) MBSs – commercial 7,383,822 ( 282,984 ) 10,774,725 ( 2,577,829 ) 18,158,547 ( 2,860,813 ) Total $ 38,069,709 $ ( 1,557,872 ) $ 29,645,962 $ ( 5,227,489 ) $ 67,715,671 $ ( 6,785,361 ) No allowance for credit losses on the securities above have been recorded because the issuers of the securities are of high credit quality and the decline in fair value was due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At March 31, 2023 and December 31, 2022 , securities held to maturity with a carrying amount of $ 5,147,814 and $ 5,293,804 , respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. There were 58 securities in a loss position at March 31, 2023. At December 31, 2022 the Bank does not consider these securities to be other-than-temporary impaired. At March 31, 2023 and December 31, 2022 , securities held to maturity with a carrying value of $ 5,311,643 and $ 5,293,804 , respectively, were pledged to secure public deposits. |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
LOANS | NOTE 4 – LOANS In conjunction with the adoption of ASC 326, the Company made certain loan portfolio segment reclassifications to conform to the new allowance for credit losses methodology. Loans and these related reclassifications, are summarized as follows at March 31, 2023 and December 31, 2022: Post Adoption Pre Adoption March 31, December 31, The effect of adoption December 31, Real estate: (unaudited) Residential First Mortgage $ 489,079,665 $ 495,689,840 $ 29,589,213 $ 466,100,627 Commercial and Multi-Family Real Estate — — ( 162,338,669 ) 162,338,669 Commercial Real Estate 95,343,455 96,030,721 96,030,721 — Multi-Family Real Estate 71,414,226 66,400,713 66,400,713 — Construction 57,379,095 61,825,478 — 61,825,478 Commercial and Industrial 1,523,380 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer — — ( 29,654,973 ) 29,654,973 Consumer 11,475 98,770 98,770 — Total loans 714,751,296 721,729,711 125,775 721,603,936 Allowance for credit losses ( 2,860,949 ) ( 2,860,949 ) ( 282,775 ) ( 2,578,174 ) Net loans $ 711,890,347 $ 718,868,762 $ ( 157,000 ) $ 719,025,762 The Bank has granted loans to officers and directors of the Bank. At March 31, 2023 and December 31, 2022 , such loans totaled $ 1,756,594 and $ 577,143 , respectively. At March 31, 2023 and December 31, 2022 , deferred loan fees were $ 2,894,450 and $ 1,249,233 , respectively. Residential Commercial Multi- Construction Commercial Consumer Total Three months Allowance for credit losses: Beginning balance $ 1,602,534 $ 381,180 $ 234,300 $ 258,500 $ 3,960 $ 97,700 $ 2,578,174 Impact of ASC 326 adoption 113,969 141,797 25,469 1,500 40 — 282,775 Provision for recovery of credit losses (credit) 198,444 ( 99,975 ) 18,231 ( 19,000 ) — ( 97,700 ) — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,914,947 $ 423,000 $ 278,000 $ 195,240 $ 4,000 $ — $ 2,860,949 Residential Commercial Construction Commercial Home Equity & Other Total March 31, 2022 Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Provision for loan losses (credit) ( 17,400 ) 11,400 13,000 ( 100 ) ( 6,900 ) — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,075,074 $ 780,000 $ 208,000 $ 9,300 $ 80,800 $ 2,153,174 NOTE 4 – 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, 2022: Residential Commercial Construction Commercial Home Equity & Other consumer Total December 31, 2022 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 33,000 $ — $ — $ — $ — $ 33,000 Collectively evaluated for 1,569,534 615,480 258,500 3,960 97,700 2,545,174 Total ending allowance balance $ 1,602,534 $ 615,480 $ 258,500 $ 3,960 $ 97,700 $ 2,578,174 Loans: Loans individually evaluated $ 819,590 $ — $ — $ — $ 37,069 $ 856,659 Loans collectively evaluated 462,439,940 160,990,186 61,825,478 1,684,189 29,586,787 716,526,580 Loans acquired with deteriorated 2,841,097 1,348,483 — — 31,117 4,220,697 Total ending loan balance $ 466,100,627 $ 162,338,669 $ 61,825,478 $ 1,684,189 $ 29,654,973 $ 721,603,936 NOTE 4 – LOANS (Continued) Impaired loans as of the three months ended December 31, 2022 were as follows: Loans Loans with an Average Amount of Residential First Mortgage $ 1,199,278 $ 171,616 $ 1,300,615 $ 33,000 Commercial and Multi-Family Real Estate 488,222 — 488,196 — Construction — — — — Commercial and Industrial — — — — Home Equity and Other Consumer 37,069 — 26,298 — $ 1,724,569 $ 171,616 $ 1,815,109 $ 33,000 Collateral - dependent loans individually evaluated with the Allowance for Credit Losses by collateral type were as follows at March 31, 2023: Portfolio segment Real estate Other Residential First Mortgage $ — $ — Commercial Real Estate — — Multi-Family Real Estate — — Construction 10,922,520 — Commercial and Industrial — — Other Consumer — — $ 10,922,520 $ — NOTE 4 – LOANS (Continued) Interest income recognized on impaired loans for the three months ended March 31, 2022 was nominal. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, by class of loans as of December 31, 2022: Nonaccrual Loans Past December 31, Residential First Mortgage $ 819,590 $ — Home Equity and Other Consumer 37,069 — Total $ 856,659 $ — No nonaccrual loans have specific reserves as of March 31, 2023 and the Bank had no other real estate owned at either March 31, 2023 or December 31, 2022. Nonaccrual loans beginning of period Nonaccrual loans end of period Nonaccrual with no Allowance for Credit Loss Loans Past Interest recognized on nonaccrual loans March 31, 2023 Residential First Mortgage $ 819,590 $ 1,497,898 $ 1,497,898 $ — $ — Commercial Real Estate $ 487,755 $ 487,755 Construction — 10,922,520 10,922,520 — $ — Consumer 37,069 10,922,520 10,922,520 — $ — Total $ 856,659 $ 23,830,693 $ 23,830,693 $ — $ — NOTE 4 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of March 31, 2023 and December 31, 2022, by class of loans: 30-59 Days 60-89 Days Greater than Total Due Loans Not Total March 31, 2023 Residential First Mortgage $ — $ 1,117,150 $ 783,376 $ 1,900,526 $ 487,179,139 $ 489,079,665 Commercial Real Estate — — 455,293 455,293 94,888,162 95,343,455 Multi-Family Real Estate — — — — 71,414,226 71,414,226 Construction — — 10,893,713 10,893,713 46,485,382 57,379,095 Commercial and Industrial — — — — 1,523,380 1,523,380 Consumer — — — — 11,475 11,475 Total $ — $ 1,117,150 $ 12,132,382 $ 13,249,532 $ 701,501,764 $ 714,751,296 30-59 Days 60-89 Days Greater than Total Due Loans Not PCI loans Total December 31, 2022 Residential First Mortgage $ — $ 360,849 $ 279,515 $ 640,364 $ 462,619,166 $ 2,841,097 $ 466,100,627 Commercial and Multi-Family Real Estate — — — — 160,990,186 1,348,483 162,338,669 Construction — — — — 61,825,478 — 61,825,478 Commercial and Industrial — — — — 1,684,189 — 1,684,189 Home Equity and Other Consumer 92,977 — 19,122 112,099 29,511,757 31,117 29,654,973 Total $ 92,977 $ 360,849 $ 298,637 $ 752,463 $ 716,630,776 $ 4,220,697 $ 721,603,936 Loans greater than 89 days past due and loans on non-accrual are considered to be nonperforming. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be Pass rated loans. NOTE 4 – LOANS (Continued) Based on the most recent analysis performed, the risk category of loans by class is as follows: Term Loans by Origination Year March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Totals Residential First Mortgage Pass 1,356,565 116,300,705 40,276,075 29,878,332 28,409,680 129,243,964 141,925,437 $ 487,390,758 Special Mention — — — 191,009 171,616 455,299 112,099 930,023 Substandard — — — — — 469,749 289,135 758,884 Doubtful — — — — — — — — Total 1,356,565 116,300,705 40,276,075 30,069,341 28,581,296 130,169,012 142,326,671 489,079,665 Gross chargeoffs by vintage — — — — — — — — Commercial Real Estate Pass — 3,116,904 — 6,634,424 5,605,765 12,726,031 66,772,576 94,855,700 Special Mention — — — — — — 487,755 487,755 Substandard — — — — — — — — Doubtful — — — — — — — — Total — 3,116,904 — 6,634,424 5,605,765 12,726,031 67,260,331 95,343,455 Gross chargeoffs by vintage — — — — — — — — Multi-Family Real Estate Pass — 2,435,157 — 1,202,368 — 2,177,677 65,599,024 71,414,226 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — 2,435,157 — 1,202,368 — 2,177,677 65,599,024 71,414,226 Gross chargeoffs by vintage — — — — — — — — Construction Pass — — — — — — 46,456,575 46,456,575 Special Mention — — — — — — — — Substandard — — — — — — 10,922,520 10,922,520 Doubtful — — — — — — — — Total — — — — — — 57,379,095 57,379,095 Gross chargeoffs by vintage — — — — — — — — Commercial and Industrial Pass — — 259,355 767,024 348,985 6,494 141,522 1,523,380 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — — 259,355 767,024 348,985 6,494 141,522 1,523,380 Gross chargeoffs by vintage — — — — — — — — Consumer Pass — — — — — — 11,475 11,475 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — — — — — — 11,475 11,475 Total loans $ 1,356,565 $ 121,852,766 $ 40,535,430 $ 38,673,157 $ 34,536,046 $ 145,079,214 $ 332,718,118 $ 714,751,296 Pass Special Substandard Totals December 31, 2022 Residential First Mortgage $ 465,089,495 $ 555,965 $ 455,167 $ 466,100,627 Commercial and Multi-Family Real Estate 162,338,669 — — 162,338,669 Construction 61,825,478 — — 61,825,478 Commercial and Industrial 1,684,189 — — 1,684,189 Home Equity and Other Consumer 29,617,904 19,122 17,947 29,654,973 Total $ 720,555,735 $ 575,087 $ 473,114 $ 721,603,936 There have been no loan modifications for the three month period ended March 31, 2023. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | NOTE 5 – 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. Grants of restricted common stock were issued from authorized but unissued shares. Restricted shares granted under the 2021 Plan vest in equal installments, over a service period of five years , beginning one year from the date of grant. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. During the three months ended March 31, 2023 and March 31, 2022, approximately $ 118,000 and $ 118,000 in expense was recognized in regard to these awards, respectively. The expected future compensation expense related to the 181,215 non-vested restricted shares outstanding at March 31, 2023 was approximately $ 1.8 million over a period of four years . The following is a summary of the Company's restricted stock activity during the three months ended March 31, 2023: Number of Non-vested Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2023 181,215 $ 10.45 Granted — — Vested — — Forfeited — — Outstanding, March 31, 2023 181,215 $ 10.45 NOTE 5 – STOCK BASED COMPENSATION (Continued) On September 2, 2021, options to purchase 526,119 shares of Company common stock were awarded, with a grant date fair value of $ 4.37 per option. Stock options granted under the 2021 Plan vest in equal installments over a 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 . Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the three months ended March 31, 2023 and March 31, 2022, approximately $ 115,000 and $ 115,000 in expense was recognized in regard to these awards, respectively. The expected future compensation expense related to the 418,895 non-vested options outstanding at March 31, 2023 was $ 1.7 million over the vesting period of four years . The following is a summary of the Company's option activity during the three months ended March 31, 2023: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2023 523,619 $ 10.45 6.5 $ — Granted — Exercised — Forfeited — Outstanding, March 31, 2023 523,619 $ 10.45 5.9 $ — Options exercisable at March 31, 2022 104,724 $ — 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. |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 6 – EMPLOYEE STOCK OWNERSHIP PLAN In connection with our mutual-to-stock reorganization and stock offering, the Bank established an employee stock ownership plan (“ESOP”), which acquired 515,775 shares of the Company’s common stock equaling 3.92 % of the Company's outstanding shares. The ESOP is a tax-qualified retirement plan providing employees the opportunity to own Company stock. Bank contributions to the ESOP are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares to be allocated annually is 25,789 through 2039. During the three months ended March 31, 2023 and 2022 , $ 72,000 and $ 66,000 was incurred as expense for the plan, respectively. As of March 31, 2023 , 72,539 shares have been allocated and 429,900 shares are unallocated with a fair value of $ 4.3 million. |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITES | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITES | Note 7 – DERIVATIVES AND HEDGING ACTIVITES The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. Certain derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. Note 7 – DERIVATIVES AND HEDGING ACTIVITES (continued) The Company generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exists between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recognized in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income (loss) until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings. The Company formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments. The Company also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, the Company would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in other comprehensive income (loss) and is (accreted) amortized to earnings over the remaining period of the former hedging relationship. Certain derivative financial instruments are offered to certain commercial banking customers to manage their risk of exposure and risk management strategies. These derivative instruments consist primarily of currency forward contracts and interest rate swap contracts. The risk associated with these transactions is mitigated by simultaneously entering into similar transactions having essentially offsetting terms with a third party. In addition, the Company executes interest rate swaps with third parties in order to hedge the interest rate risk of short-term FHLB advances. Interest Rate Swaps. At March 31, 2023, the Company had two interest rate swaps with a notional amounts of $ 20.0 million hedging on certain FHLB advances and brokered deposits. This interest rate swap meets the cash flow hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. At March 31, 2023, the Company had one interest rate swap with a notional amount of $ 10.0 million hedging on certain FHLB advances and one interest rate swap with a notional amount of $ 10.0 million hedging on certain brokered deposits. At both March 31, 2023 and December 31, 2022, the Company had no interest rate swaps in place with commercial banking customers, The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at March 31, 2023: March 31, Asset Derivative Consolidated Statements of Financial Condition Fair Value Interest rate swaps Other Assets $ 163,349 Total derivative instruments $ 163,349 For the three months ended March 31, 2023, unrealized losses of $ 163,349 were recorded for changes in fair value of interest rate swaps with third parties. At March 31, 2023, accrued interest was $ 12,000 . The Company has agreements with counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of its derivative obligations. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 8 – FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a bank’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: The Bank’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of corporate bonds and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities. Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices Significant Significant As of March 31, 2023 Securities available for sale: U.S. treasury bills $ 4,983,764 $ 4,983,764 $ — $ — U.S. government and agency obligations 5,500,932 — 5,500,932 — Corporate bonds 14,636,813 — 14,636,813 — Cash flow hedge 163,349 163,349 — MBSs - residential 38,297,167 — 38,297,167 — MBSs - commercial 18,632,513 — 18,632,513 — $ 82,214,538 $ 4,983,764 $ 77,230,774 $ — As of December 31, 2022 Securities available for sale: U.S. treasury bills $ 4,927,608 $ 4,927,608 $ — $ — U.S. government and agency obligations 5,465,154 — 5,465,154 — Corporate bonds 15,506,047 — 15,506,047 — Cash flow hedge 324,062 324,062 — MBSs - residential 39,649,045 — 39,649,045 — MBSs - commercial 19,552,724 — 19,552,724 — $ 85,424,640 $ 4,927,608 $ 80,497,032 $ — There were no transfers between level 1 and level 2 during the three months ended March 31, 2023. NOTE 8 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments not measured at fair value, at March 31, 2023 and December 31, 2022, were as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2023 Financial instruments - assets Investment securities held-to-maturity $ 78,207 $ 71,202 $ — $ 71,202 $ — Loans and loans held for sale 711,890 646,937 — — 646,937 Financial instruments - liabilities Certificates of deposit 498,165 498,240 — 498,240 — Borrowings 112,032 100,024 — 100,024 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2022 Financial instruments - assets Investment securities held-to-maturity $ 77,427 $ 70,700 $ — $ 70,700 $ — Loans and loans held for sale 719,026 658,250 — — 658,250 Financial instruments - liabilities Certificates of deposit 492,593 491,638 — 491,638 — Borrowings 102,319 98,885 — 98,885 — Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. Other balance sheet instruments such as cash and cash equivalents, accrued interest receivable, accrued interest payable and Bank owned life insurance holding costs approximate fair value. The fair value of off-balance sheet items is not considered material. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 9 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) for the three months ended March 31, 2023 and 2022 was as follows: Unrealized gain securities Benefit plans Derivatives Total Three months ended March 31, 2023 Beginning balance at January 1, 2023 $ ( 6,499,666 ) $ 55,684 $ 232,969 $ ( 6,211,013 ) Other comprehensive (loss) income before reclassification ( 114,092 ) ( 16,546 ) ( 115,537 ) ( 246,175 ) Amounts reclassified — — — — Net period comprehensive (loss) income ( 114,092 ) ( 16,546 ) ( 115,537 ) ( 246,175 ) Ending balance at March 31, 2023 $ ( 6,613,758 ) $ 39,138 $ 117,432 $ ( 6,457,188 ) March 31, 2022 Beginning balance at January 1, 2022 $ ( 289,814 ) $ 17,158 $ — $ ( 272,656 ) Other comprehensive (loss) income before reclassification ( 2,399,988 ) 41,589 — ( 2,358,399 ) Amounts reclassified — — — — Net period comprehensive income ( 2,399,988 ) 41,589 — ( 2,358,399 ) Ending balance at March 31, 2022 $ ( 2,689,802 ) $ 58,747 $ — $ ( 2,631,055 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation : On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at March 31, 2023 and December 31, 2022. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” |
Reclassifications | Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity. |
Earnings per Share | Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and non-vested shares of restricted stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three month periods ended March 31, 2023 and March 31, 2022, options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. Anti-dilutive options are those options with weighted average exercise prices in excess of the weighted average market value for the periods presented. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 For the three months ended March 31, 2022 Numerator Net income $ 992,707 $ 1,400,897 Denominator: Weighted average shares outstanding - basic 13,013,492 13,858,884 Effect of stock options 42,041 19,420 Weighted average shares outstanding - diluted 13,055,533 13,878,304 Earnings per common share: Basic $ 0.08 $ 0.10 Diluted 0.08 0.10 |
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 under different conditions than those assumed. |
Basis of Presentation | Basis of Presentation : The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Financial Corp. at and for the year ended December 31, 2022. Allowance for Credit Losses - Loans and Leases : The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The Company has minimal history of credit losses and therefore will use the Weighted Average Remaining Maturity (WARM) method for all segments and rely on the use of qualitative factors to determine future credit losses. The Company also considers qualitative adjustments to the quantitative baseline. For example, the Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. Relevant factors include, but are not limited to, concentrations of credit risk (geographic, large borrower, and industry), economic trends and conditions, changes in underwriting standards, experience and depth of lending staff, trends in delinquencies, and the level of criticized loans. NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company also incorporates a one-year reasonable and supportable (“R&S”) loss forecast period to account for the effect of forecasted economic conditions and other factors on the performance of the commercial portfolio, which could differ from historical loss experience. The Company performs a quarterly asset quality review, which includes a review of forecasted gross charge-offs and recoveries, non-performing assets, criticized loans and leases, and risk rating migration. The asset quality review is reviewed by management and the results are used to consider a qualitative overlay to the quantitative baseline. After the one-year R&S loss forecast period, this overlay adjustment assumes an immediate reversion to historical loss rates for the remaining loan life period. The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans are removed from the pooling approach discussed above for the quantitative baseline, and include non-accrual loans, and other loans as deemed appropriate by management. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including: residential properties; commercial properties, such as retail centers, office buildings, and lodging; agriculture land; and vacant land. The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of condition), with adjustments to the reserve recognized in other noninterest expense in the consolidated statements of income. The Unfunded Reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). To estimate future draws on unfunded balances, current utilization rates are compared to historical utilization rates. If current utilization rates are below historical utilization rates, the rate difference is applied to the committed balance to estimate the future draw. Loss rates are estimated by utilizing the same loss rates calculated for the allowance general reserves. |
Adoption of Accounting Standards and Not Yet Effective Accounting Pronouncements | Adoption of Accounting Standards : In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326), which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This Update was effective for SEC filers that qualify as smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has no history of credit losses and therefore will use the Remaining Life (WARM) method and rely on the use of qualitative factors to determine future credit losses. Upon adoption of the CECL method of calculating the allowance for credit losses on January 1, 2023, the Bank recorded a one-time decrease, net of tax, in retained earnings of $ 222,000 , an increase to the allowance for credit losses of $ 157,000 , an increase in the reserve for unfunded liabilities of $ 152,000 and $ 0 related to available-for-sale securities. See note 4 for additional information. The below table includes $ 125,775 of credit losses on PCI loans that have been added to Allowance for credit losses as per the adoption of ASU 326. The Bank adopted the provisions of ASC 326 related to financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30 using the prospective transition approach. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $ 125,775 of the allowance for credit losses (ACL). The Bank adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Bank as of the date of adoption. The effect of the adoption of ASC 326 on the allowance for credit losses by portfolio segment was: Pre Adoption The effect of adoption Post Adoption Real estate: (unaudited) Residential First Mortgage $ 466,100,627 $ 29,589,213 $ 495,689,840 Commercial and Multi-Family Real Estate 162,338,669 ( 162,338,669 ) — Commercial Real Estate — 96,030,721 96,030,721 Multi-Family Real Estate — 66,400,713 66,400,713 Construction 61,825,478 — 61,825,478 Commercial and Industrial 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer 29,654,973 ( 29,654,973 ) — Consumer — 98,770 98,770 Total loans 721,603,936 125,775 721,729,711 Allowance for credit losses ( 2,578,174 ) ( 282,775 ) ( 2,860,949 ) Net loans $ 719,025,762 $ ( 157,000 ) $ 718,868,762 Pre Adoption The effect of adoption Post Adoption Assets (unaudited) ACL on loans Residential First Mortgage $ 1,602,534 $ 211,669 $ 1,814,203 Commercial and Multi-Family Real Estate 615,480 ( 615,480 ) — Commercial Real Estate — 522,977 522,977 Multi-Family Real Estate — 259,769 259,769 Construction 258,500 1,500 260,000 Commercial and Industrial 3,960 40 4,000 Home Equity and Other Consumer 97,700 ( 97,700 ) — Liabilities ACL for unfunded commitments — 152,000 152,000 Total $ 2,578,174 $ 434,775 $ 3,012,949 In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. This ASU became effective on January 1, 2023 for the Corporation. The adoption of this ASU resulted in updated disclosures within our financial statements but otherwise did not have a material impact on the Corporation's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | |
Summary of earnings per share basic and diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 For the three months ended March 31, 2022 Numerator Net income $ 992,707 $ 1,400,897 Denominator: Weighted average shares outstanding - basic 13,013,492 13,858,884 Effect of stock options 42,041 19,420 Weighted average shares outstanding - diluted 13,055,533 13,878,304 Earnings per common share: Basic $ 0.08 $ 0.10 Diluted 0.08 0.10 |
Summary of Effect of Adoption of ASC 326 on Allowance for Credit Losses by Portfolio Segment | The effect of the adoption of ASC 326 on the allowance for credit losses by portfolio segment was: Pre Adoption The effect of adoption Post Adoption Real estate: (unaudited) Residential First Mortgage $ 466,100,627 $ 29,589,213 $ 495,689,840 Commercial and Multi-Family Real Estate 162,338,669 ( 162,338,669 ) — Commercial Real Estate — 96,030,721 96,030,721 Multi-Family Real Estate — 66,400,713 66,400,713 Construction 61,825,478 — 61,825,478 Commercial and Industrial 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer 29,654,973 ( 29,654,973 ) — Consumer — 98,770 98,770 Total loans 721,603,936 125,775 721,729,711 Allowance for credit losses ( 2,578,174 ) ( 282,775 ) ( 2,860,949 ) Net loans $ 719,025,762 $ ( 157,000 ) $ 718,868,762 Pre Adoption The effect of adoption Post Adoption Assets (unaudited) ACL on loans Residential First Mortgage $ 1,602,534 $ 211,669 $ 1,814,203 Commercial and Multi-Family Real Estate 615,480 ( 615,480 ) — Commercial Real Estate — 522,977 522,977 Multi-Family Real Estate — 259,769 259,769 Construction 258,500 1,500 260,000 Commercial and Industrial 3,960 40 4,000 Home Equity and Other Consumer 97,700 ( 97,700 ) — Liabilities ACL for unfunded commitments — 152,000 152,000 Total $ 2,578,174 $ 434,775 $ 3,012,949 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale by contractual maturity bucket | The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at March 31, 2023 and December 31, 2022: Amortized Gross Gross Fair March 31, 2023 U.S treasury bills less than one year $ 4,994,975 $ — $ ( 11,211 ) 4,983,764 U.S. government and agency obligations One through five years 6,000,000 — ( 499,068 ) 5,500,932 Corporate bonds due in: Less than one year 3,009,923 — ( 21,454 ) 2,988,469 One through five years 11,199,122 — ( 469,648 ) 10,729,474 Five through ten years 1,000,000 — ( 81,130 ) 918,870 MBSs – residential 44,047,282 4,458 ( 5,754,573 ) 38,297,167 MBSs – commercial 20,999,717 — ( 2,367,204 ) 18,632,513 Total $ 91,251,019 $ 4,458 $ ( 9,204,288 ) $ 82,051,189 Amortized Gross Gross Fair December 31, 2022 U.S. treasury bills $ 4,971,310 $ — $ ( 43,702 ) $ 4,927,608 U.S. government and agency obligations One through five years 6,000,000 — ( 534,846 ) 5,465,154 Corporate bonds due in: Less than one year 3,022,044 — ( 37,230 ) 2,984,814 One through five years 12,182,364 554 ( 585,085 ) 11,597,833 Five through ten years 1,000,000 — ( 76,600 ) 923,400 MBSs – residential 44,879,199 2,146 ( 5,232,300 ) 39,649,045 MBSs – commercial 22,086,788 — ( 2,534,064 ) 19,552,724 Total $ 94,141,705 $ 2,700 $ ( 9,043,827 ) $ 85,100,578 |
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 March 31, 2023 and December 31, 2022 were as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2023 U.S treasury bills $ — $ — $ 4,983,764 $ ( 11,211 ) $ 4,983,764 $ ( 11,211 ) U.S. government and agency obligations — — 5,500,932 ( 499,068 ) 5,500,932 ( 499,068 ) Corporate bonds — — 14,636,812 ( 572,232 ) 14,636,812 ( 572,232 ) MBSs – residential 3,390,067 ( 177,215 ) 34,373,999 ( 5,577,358 ) 37,764,066 ( 5,754,573 ) MBSs – commercial 4,188,975 ( 149,428 ) 14,443,537 ( 2,217,776 ) 18,632,512 ( 2,367,204 ) Total $ 7,579,042 $ ( 326,643 ) $ 73,939,044 $ ( 8,877,645 ) $ 81,518,086 $ ( 9,204,288 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 U.S treasury bills $ 4,927,608 $ ( 43,702 ) $ — $ — $ 4,927,608 $ ( 43,702 ) U.S. government and agency obligations 2,758,248 ( 241,752 ) 2,706,906 ( 293,094 ) 5,465,154 ( 534,846 ) Corporate bonds 11,859,089 ( 392,367 ) 2,647,402 ( 306,548 ) 14,506,491 ( 698,915 ) MBSs – residential 16,474,573 ( 1,557,718 ) 22,801,879 ( 3,674,582 ) 39,276,452 ( 5,232,300 ) MBSs – commercial 9,449,159 ( 857,122 ) 10,103,565 ( 1,676,942 ) 19,552,724 ( 2,534,064 ) Total $ 45,468,677 $ ( 3,092,661 ) $ 38,259,752 $ ( 5,951,166 ) $ 83,728,429 $ ( 9,043,827 ) |
SECURITIES HELD TO MATURITY (Ta
SECURITIES HELD TO MATURITY (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity | The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity at March 31, 2023 and December 31, 2022: Amortized Gross Gross Fair March 31, 2023 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ ( 428,570 ) $ 9,571,430 Five through ten years 3,000,000 — ( 388,377 ) 2,611,623 Corporate bonds due in: One through five years 2,447,722 — ( 57,009 ) 2,390,713 Five through ten years 17,277,373 — ( 1,511,930 ) 15,765,443 Municipal obligations due in: Less than one year 7,700,335 — ( 6,787 ) 7,693,548 One through five years 902,310 — ( 72,825 ) 829,485 Five through ten years 375,000 1,961 — 376,961 Greater than ten years 1,727,132 — ( 309,700 ) 1,417,432 MBSs: Residential 13,991,428 840 ( 1,530,638 ) 12,461,630 Commercial 20,785,906 — ( 2,702,218 ) 18,083,688 Total $ 78,207,206 $ 2,801 $ ( 7,008,054 ) $ 71,201,953 Effective January 1, 2023, the company adopted the provision of ASC 326, which requires management to complete an evaluation of the HTM securities portfolio to identify whether any allowance for credit losses is required. Management completed an evaluation as of the adoption date and determined the allowance for credit losses on the HTM portfolio was not significant. This determination was based on financial review of securities and ratings of each security. Amortized Gross Gross Fair December 31, 2022 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ ( 456,850 ) $ 9,543,150 Five through ten years 3,000,000 — ( 466,866 ) 2,533,134 Corporate bonds due in: One through five years 2,444,729 1,269 ( 55,836 ) 2,390,162 Five through ten years 15,825,262 54,738 ( 1,045,557 ) 14,834,443 Municipal obligations due in: Less than one year 7,706,402 — ( 36,250 ) 7,670,152 One through five years 902,545 — ( 84,742 ) 817,803 Five through ten years 375,000 1,286 — 376,286 Greater than ten years 1,728,184 — ( 346,586 ) 1,381,598 MBSs: Residential 14,425,827 410 ( 1,431,861 ) 12,994,376 Commercial 21,019,360 — ( 2,860,813 ) 18,158,547 Total $ 77,427,309 $ 57,703 $ ( 6,785,361 ) $ 70,699,651 |
Summary of debt securities held to maturity and unrealized loss position | The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized March 31, 2023 U.S. government and agency obligations $ — $ — $ 12,183,053 $ ( 816,947 ) $ 12,183,053 $ ( 816,947 ) Corporate bonds 13,871,194 ( 1,103,901 ) 4,284,963 ( 465,038 ) 18,156,157 ( 1,568,939 ) Municipal bonds 7,693,548 ( 6,787 ) 2,246,917 ( 382,525 ) 7,693,548 ( 389,312 ) MBSs – residential 932,470 ( 27,773 ) 11,366,555 ( 1,502,865 ) 12,299,025 ( 1,530,638 ) MBSs – commercial — — 18,083,688 ( 2,702,218 ) 18,083,688 ( 2,702,218 ) Total $ 22,497,212 $ ( 1,138,461 ) $ 48,165,176 $ ( 5,869,593 ) $ 68,415,471 $ ( 7,008,054 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2022 U.S. government and agency obligations $ 9,543,150 $ ( 456,850 ) $ 2,533,134 $ ( 466,866 ) $ 12,076,284 $ ( 923,716 ) Corporate bonds 11,464,282 ( 680,447 ) 3,329,054 ( 420,946 ) 14,793,336 ( 1,101,393 ) Municipal bonds 7,670,152 ( 36,250 ) 2,199,401 ( 431,328 ) 9,869,553 ( 467,578 ) MBSs – residential 2,008,303 ( 101,341 ) 10,809,648 ( 1,330,520 ) 12,817,951 ( 1,431,861 ) MBSs – commercial 7,383,822 ( 282,984 ) 10,774,725 ( 2,577,829 ) 18,158,547 ( 2,860,813 ) Total $ 38,069,709 $ ( 1,557,872 ) $ 29,645,962 $ ( 5,227,489 ) $ 67,715,671 $ ( 6,785,361 ) No allowance for credit losses on the securities above have been recorded |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans Receivable and Related Reclassifications (Detail) | Loans and these related reclassifications, are summarized as follows at March 31, 2023 and December 31, 2022: Post Adoption Pre Adoption March 31, December 31, The effect of adoption December 31, Real estate: (unaudited) Residential First Mortgage $ 489,079,665 $ 495,689,840 $ 29,589,213 $ 466,100,627 Commercial and Multi-Family Real Estate — — ( 162,338,669 ) 162,338,669 Commercial Real Estate 95,343,455 96,030,721 96,030,721 — Multi-Family Real Estate 71,414,226 66,400,713 66,400,713 — Construction 57,379,095 61,825,478 — 61,825,478 Commercial and Industrial 1,523,380 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer — — ( 29,654,973 ) 29,654,973 Consumer 11,475 98,770 98,770 — Total loans 714,751,296 721,729,711 125,775 721,603,936 Allowance for credit losses ( 2,860,949 ) ( 2,860,949 ) ( 282,775 ) ( 2,578,174 ) Net loans $ 711,890,347 $ 718,868,762 $ ( 157,000 ) $ 719,025,762 |
Summary of activity in the allowance for credit losses by portfolio segment | Residential Commercial Multi- Construction Commercial Consumer Total Three months Allowance for credit losses: Beginning balance $ 1,602,534 $ 381,180 $ 234,300 $ 258,500 $ 3,960 $ 97,700 $ 2,578,174 Impact of ASC 326 adoption 113,969 141,797 25,469 1,500 40 — 282,775 Provision for recovery of credit losses (credit) 198,444 ( 99,975 ) 18,231 ( 19,000 ) — ( 97,700 ) — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,914,947 $ 423,000 $ 278,000 $ 195,240 $ 4,000 $ — $ 2,860,949 Residential Commercial Construction Commercial Home Equity & Other Total March 31, 2022 Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Provision for loan losses (credit) ( 17,400 ) 11,400 13,000 ( 100 ) ( 6,900 ) — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,075,074 $ 780,000 $ 208,000 $ 9,300 $ 80,800 $ 2,153,174 |
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, 2022: Residential Commercial Construction Commercial Home Equity & Other consumer Total December 31, 2022 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 33,000 $ — $ — $ — $ — $ 33,000 Collectively evaluated for 1,569,534 615,480 258,500 3,960 97,700 2,545,174 Total ending allowance balance $ 1,602,534 $ 615,480 $ 258,500 $ 3,960 $ 97,700 $ 2,578,174 Loans: Loans individually evaluated $ 819,590 $ — $ — $ — $ 37,069 $ 856,659 Loans collectively evaluated 462,439,940 160,990,186 61,825,478 1,684,189 29,586,787 716,526,580 Loans acquired with deteriorated 2,841,097 1,348,483 — — 31,117 4,220,697 Total ending loan balance $ 466,100,627 $ 162,338,669 $ 61,825,478 $ 1,684,189 $ 29,654,973 $ 721,603,936 |
Summary of impaired loans | Impaired loans as of the three months ended December 31, 2022 were as follows: Loans Loans with an Average Amount of Residential First Mortgage $ 1,199,278 $ 171,616 $ 1,300,615 $ 33,000 Commercial and Multi-Family Real Estate 488,222 — 488,196 — Construction — — — — Commercial and Industrial — — — — Home Equity and Other Consumer 37,069 — 26,298 — $ 1,724,569 $ 171,616 $ 1,815,109 $ 33,000 |
Summary of collateral - dependent loans individually evaluated with the allowance for credit losses by collateral type | Collateral - dependent loans individually evaluated with the Allowance for Credit Losses by collateral type were as follows at March 31, 2023: Portfolio segment Real estate Other Residential First Mortgage $ — $ — Commercial Real Estate — — Multi-Family Real Estate — — Construction 10,922,520 — Commercial and Industrial — — Other Consumer — — $ 10,922,520 $ — |
Summary of recorded investment in nonaccrual and past due | The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, by class of loans as of December 31, 2022: Nonaccrual Loans Past December 31, Residential First Mortgage $ 819,590 $ — Home Equity and Other Consumer 37,069 — Total $ 856,659 $ — Nonaccrual loans beginning of period Nonaccrual loans end of period Nonaccrual with no Allowance for Credit Loss Loans Past Interest recognized on nonaccrual loans March 31, 2023 Residential First Mortgage $ 819,590 $ 1,497,898 $ 1,497,898 $ — $ — Commercial Real Estate $ 487,755 $ 487,755 Construction — 10,922,520 10,922,520 — $ — Consumer 37,069 10,922,520 10,922,520 — $ — Total $ 856,659 $ 23,830,693 $ 23,830,693 $ — $ — |
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 March 31, 2023 and December 31, 2022, by class of loans: 30-59 Days 60-89 Days Greater than Total Due Loans Not Total March 31, 2023 Residential First Mortgage $ — $ 1,117,150 $ 783,376 $ 1,900,526 $ 487,179,139 $ 489,079,665 Commercial Real Estate — — 455,293 455,293 94,888,162 95,343,455 Multi-Family Real Estate — — — — 71,414,226 71,414,226 Construction — — 10,893,713 10,893,713 46,485,382 57,379,095 Commercial and Industrial — — — — 1,523,380 1,523,380 Consumer — — — — 11,475 11,475 Total $ — $ 1,117,150 $ 12,132,382 $ 13,249,532 $ 701,501,764 $ 714,751,296 30-59 Days 60-89 Days Greater than Total Due Loans Not PCI loans Total December 31, 2022 Residential First Mortgage $ — $ 360,849 $ 279,515 $ 640,364 $ 462,619,166 $ 2,841,097 $ 466,100,627 Commercial and Multi-Family Real Estate — — — — 160,990,186 1,348,483 162,338,669 Construction — — — — 61,825,478 — 61,825,478 Commercial and Industrial — — — — 1,684,189 — 1,684,189 Home Equity and Other Consumer 92,977 — 19,122 112,099 29,511,757 31,117 29,654,973 Total $ 92,977 $ 360,849 $ 298,637 $ 752,463 $ 716,630,776 $ 4,220,697 $ 721,603,936 |
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: Term Loans by Origination Year March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Totals Residential First Mortgage Pass 1,356,565 116,300,705 40,276,075 29,878,332 28,409,680 129,243,964 141,925,437 $ 487,390,758 Special Mention — — — 191,009 171,616 455,299 112,099 930,023 Substandard — — — — — 469,749 289,135 758,884 Doubtful — — — — — — — — Total 1,356,565 116,300,705 40,276,075 30,069,341 28,581,296 130,169,012 142,326,671 489,079,665 Gross chargeoffs by vintage — — — — — — — — Commercial Real Estate Pass — 3,116,904 — 6,634,424 5,605,765 12,726,031 66,772,576 94,855,700 Special Mention — — — — — — 487,755 487,755 Substandard — — — — — — — — Doubtful — — — — — — — — Total — 3,116,904 — 6,634,424 5,605,765 12,726,031 67,260,331 95,343,455 Gross chargeoffs by vintage — — — — — — — — Multi-Family Real Estate Pass — 2,435,157 — 1,202,368 — 2,177,677 65,599,024 71,414,226 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — 2,435,157 — 1,202,368 — 2,177,677 65,599,024 71,414,226 Gross chargeoffs by vintage — — — — — — — — Construction Pass — — — — — — 46,456,575 46,456,575 Special Mention — — — — — — — — Substandard — — — — — — 10,922,520 10,922,520 Doubtful — — — — — — — — Total — — — — — — 57,379,095 57,379,095 Gross chargeoffs by vintage — — — — — — — — Commercial and Industrial Pass — — 259,355 767,024 348,985 6,494 141,522 1,523,380 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — — 259,355 767,024 348,985 6,494 141,522 1,523,380 Gross chargeoffs by vintage — — — — — — — — Consumer Pass — — — — — — 11,475 11,475 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — — — — — — 11,475 11,475 Total loans $ 1,356,565 $ 121,852,766 $ 40,535,430 $ 38,673,157 $ 34,536,046 $ 145,079,214 $ 332,718,118 $ 714,751,296 Pass Special Substandard Totals December 31, 2022 Residential First Mortgage $ 465,089,495 $ 555,965 $ 455,167 $ 466,100,627 Commercial and Multi-Family Real Estate 162,338,669 — — 162,338,669 Construction 61,825,478 — — 61,825,478 Commercial and Industrial 1,684,189 — — 1,684,189 Home Equity and Other Consumer 29,617,904 19,122 17,947 29,654,973 Total $ 720,555,735 $ 575,087 $ 473,114 $ 721,603,936 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | The following is a summary of the Company's restricted stock activity during the three months ended March 31, 2023: Number of Non-vested Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2023 181,215 $ 10.45 Granted — — Vested — — Forfeited — — Outstanding, March 31, 2023 181,215 $ 10.45 |
Summary of Option Activity | The following is a summary of the Company's option activity during the three months ended March 31, 2023: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2023 523,619 $ 10.45 6.5 $ — Granted — Exercised — Forfeited — Outstanding, March 31, 2023 523,619 $ 10.45 5.9 $ — Options exercisable at March 31, 2022 104,724 $ — |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at March 31, 2023: March 31, Asset Derivative Consolidated Statements of Financial Condition Fair Value Interest rate swaps Other Assets $ 163,349 Total derivative instruments $ 163,349 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of carrying amounts and estimated fair values of financial instruments not Measured at Fair Value | The carrying amounts and estimated fair values of financial instruments not measured at fair value, at March 31, 2023 and December 31, 2022, were as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2023 Financial instruments - assets Investment securities held-to-maturity $ 78,207 $ 71,202 $ — $ 71,202 $ — Loans and loans held for sale 711,890 646,937 — — 646,937 Financial instruments - liabilities Certificates of deposit 498,165 498,240 — 498,240 — Borrowings 112,032 100,024 — 100,024 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2022 Financial instruments - assets Investment securities held-to-maturity $ 77,427 $ 70,700 $ — $ 70,700 $ — Loans and loans held for sale 719,026 658,250 — — 658,250 Financial instruments - liabilities Certificates of deposit 492,593 491,638 — 491,638 — Borrowings 102,319 98,885 — 98,885 — |
Fair Value, Recurring | |
Summary of fair value, assets measured on recurring and nonrecurring basis | Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices Significant Significant As of March 31, 2023 Securities available for sale: U.S. treasury bills $ 4,983,764 $ 4,983,764 $ — $ — U.S. government and agency obligations 5,500,932 — 5,500,932 — Corporate bonds 14,636,813 — 14,636,813 — Cash flow hedge 163,349 163,349 — MBSs - residential 38,297,167 — 38,297,167 — MBSs - commercial 18,632,513 — 18,632,513 — $ 82,214,538 $ 4,983,764 $ 77,230,774 $ — As of December 31, 2022 Securities available for sale: U.S. treasury bills $ 4,927,608 $ 4,927,608 $ — $ — U.S. government and agency obligations 5,465,154 — 5,465,154 — Corporate bonds 15,506,047 — 15,506,047 — Cash flow hedge 324,062 324,062 — MBSs - residential 39,649,045 — 39,649,045 — MBSs - commercial 19,552,724 — 19,552,724 — $ 85,424,640 $ 4,927,608 $ 80,497,032 $ — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss included in equity (net of tax) for the three months ended March 31, 2023 and 2022 was as follows: Unrealized gain securities Benefit plans Derivatives Total Three months ended March 31, 2023 Beginning balance at January 1, 2023 $ ( 6,499,666 ) $ 55,684 $ 232,969 $ ( 6,211,013 ) Other comprehensive (loss) income before reclassification ( 114,092 ) ( 16,546 ) ( 115,537 ) ( 246,175 ) Amounts reclassified — — — — Net period comprehensive (loss) income ( 114,092 ) ( 16,546 ) ( 115,537 ) ( 246,175 ) Ending balance at March 31, 2023 $ ( 6,613,758 ) $ 39,138 $ 117,432 $ ( 6,457,188 ) March 31, 2022 Beginning balance at January 1, 2022 $ ( 289,814 ) $ 17,158 $ — $ ( 272,656 ) Other comprehensive (loss) income before reclassification ( 2,399,988 ) 41,589 — ( 2,358,399 ) Amounts reclassified — — — — Net period comprehensive income ( 2,399,988 ) 41,589 — ( 2,358,399 ) Ending balance at March 31, 2022 $ ( 2,689,802 ) $ 58,747 $ — $ ( 2,631,055 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | 3 Months Ended | |||
Jan. 01, 2023 USD ($) | Mar. 31, 2023 USD ($) Subsidiary $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2022 USD ($) | |
Number of subsidiaries | Subsidiary | 2 | |||
Number of share options awarded | shares | 526,119 | 526,119 | ||
Grant date fair value of options awarded | $ / shares | $ 10.45 | $ 10.45 | ||
Retained earnings | $ 222,000 | $ 92,527,240 | $ 91,756,673 | |
Increase in allowance for credit losses | 157,000 | |||
Reserve for unfunded liabilities | 152,000 | |||
Securities available for sale | 0 | 82,051,189 | 85,100,578 | |
Total loans | 721,729,711 | $ 714,751,296 | 721,603,936 | |
The Effect of Adoption | ||||
Total loans | $ 125,775 | $ 125,775 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic and Diluted (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator | ||
Net income | $ 992,707 | $ 1,400,897 |
Denominator | ||
Weighted average shares outstanding - basic | 13,013,492 | 13,858,884 |
Effect of stock options | 42,041 | 19,420 |
Weighted average shares outstanding diluted | 13,055,533 | 13,878,304 |
Earnings per common share: | ||
Basic | $ 0.08 | $ 0.10 |
Diluted | $ 0.08 | $ 0.10 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Effect of Adoption of ASC 326 on Allowance for Credit Losses by Portfolio Segment (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 714,751,296 | $ 721,729,711 | $ 721,603,936 | ||
Allowance for credit losses | (2,860,949) | (2,860,949) | (2,578,174) | $ (2,153,174) | $ (2,153,174) |
Net loans | 711,890,347 | 718,868,762 | 719,025,762 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,523,380 | 1,684,189 | 1,684,189 | ||
Allowance for credit losses | (4,000) | (4,000) | (3,960) | (9,300) | (9,400) |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 489,079,665 | 495,689,840 | 466,100,627 | ||
Allowance for credit losses | (1,914,947) | (1,814,203) | (1,602,534) | (1,075,074) | (1,092,474) |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 162,338,669 | ||||
Allowance for credit losses | (615,480) | (780,000) | (768,600) | ||
Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 95,343,455 | 96,030,721 | |||
Allowance for credit losses | (423,000) | (522,977) | (381,180) | ||
Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 71,414,226 | 66,400,713 | |||
Allowance for credit losses | (278,000) | (259,769) | (234,300) | ||
Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 57,379,095 | 61,825,478 | 61,825,478 | ||
Allowance for credit losses | (195,240) | (260,000) | (258,500) | (208,000) | (195,000) |
Home Equity and Other Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29,654,973 | ||||
Allowance for credit losses | (97,700) | $ (80,800) | $ (87,700) | ||
Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 11,475 | 98,770 | |||
Allowance for credit losses | (97,700) | ||||
Pre Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 721,603,936 | 721,603,936 | |||
Allowance for credit losses | (2,578,174) | (2,578,174) | |||
Net loans | 719,025,762 | 719,025,762 | |||
Pre Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,684,189 | 1,684,189 | |||
Allowance for credit losses | (3,960) | ||||
Pre Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 466,100,627 | 466,100,627 | |||
Allowance for credit losses | (1,602,534) | ||||
Pre Adoption | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 162,338,669 | 162,338,669 | |||
Allowance for credit losses | (615,480) | ||||
Pre Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 61,825,478 | 61,825,478 | |||
Allowance for credit losses | (258,500) | ||||
Pre Adoption | Home Equity and Other Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29,654,973 | 29,654,973 | |||
Allowance for credit losses | (97,700) | ||||
The Effect of Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 125,775 | 125,775 | |||
Allowance for credit losses | (282,775) | (282,775) | |||
Net loans | (157,000) | (157,000) | |||
The Effect of Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | (40) | ||||
The Effect of Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29,589,213 | 29,589,213 | |||
Allowance for credit losses | (211,669) | ||||
The Effect of Adoption | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | (162,338,669) | (162,338,669) | |||
Allowance for credit losses | 615,480 | ||||
The Effect of Adoption | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 96,030,721 | 96,030,721 | |||
Allowance for credit losses | (522,977) | ||||
The Effect of Adoption | Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 66,400,713 | 66,400,713 | |||
Allowance for credit losses | (259,769) | ||||
The Effect of Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | (1,500) | ||||
The Effect of Adoption | Home Equity and Other Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | (29,654,973) | (29,654,973) | |||
Allowance for credit losses | 97,700 | ||||
The Effect of Adoption | Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 98,770 | $ 98,770 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Effect of Adoption of ASC 326 on Allowance for Credit Losses Including Unfunded Commitments by Portfolio Segment (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | $ 2,860,949 | $ 2,860,949 | $ 2,578,174 | $ 2,153,174 | $ 2,153,174 |
Total | 3,012,949 | ||||
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 4,000 | 4,000 | 3,960 | 9,300 | 9,400 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 1,914,947 | 1,814,203 | 1,602,534 | 1,075,074 | 1,092,474 |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 615,480 | 780,000 | 768,600 | ||
Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 423,000 | 522,977 | 381,180 | ||
Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 278,000 | 259,769 | 234,300 | ||
Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | $ 195,240 | 260,000 | 258,500 | 208,000 | 195,000 |
Home Equity and Other | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 97,700 | $ 80,800 | $ 87,700 | ||
Unfunded Commitments | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 152,000 | ||||
Pre Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 2,578,174 | 2,578,174 | |||
Total | 2,578,174 | ||||
Pre Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 3,960 | ||||
Pre Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 1,602,534 | ||||
Pre Adoption | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 615,480 | ||||
Pre Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 258,500 | ||||
Pre Adoption | Home Equity and Other | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 97,700 | ||||
The Effect of Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 282,775 | $ 282,775 | |||
Total | 434,775 | ||||
The Effect of Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 40 | ||||
The Effect of Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 211,669 | ||||
The Effect of Adoption | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | (615,480) | ||||
The Effect of Adoption | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 522,977 | ||||
The Effect of Adoption | Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 259,769 | ||||
The Effect of Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | 1,500 | ||||
The Effect of Adoption | Home Equity and Other | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | (97,700) | ||||
The Effect of Adoption | Unfunded Commitments | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | $ 152,000 |
SECURITIES AVAILABLE FOR SALE -
SECURITIES AVAILABLE FOR SALE - Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale by contractual maturity bucket (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | $ 91,251,019 | $ 94,141,705 | |
Gross Unrealized Gains | 4,458 | 2,700 | |
Gross Unrealized Losses | (9,204,288) | (9,043,827) | |
Fair Value | 82,051,189 | $ 0 | 85,100,578 |
U.S Treasury Bills | |||
Schedule Of Available For Sale Securities [Line Items] | |||
U.S Treasury Bills Less Than One Year, Amortized Cost | 4,994,975 | ||
U.S Treasury Bills Less Than One Year, Gross Unrealized Losses | (11,211) | ||
U.S Treasury Bills Less Than One Year, Fair Value | 4,983,764 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One, Total | 4,971,310 | ||
Securities available for sale, due in Less than one year, Gross Unrealized Losses | (43,702) | ||
Corporate bonds due in Less than one year, Fair Value | 4,927,608 | ||
U.S. Government and Agency Obligations | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities due in One through five years, Amortized Cost | 6,000,000 | 6,000,000 | |
Securities due in One through five years, Gross Unrealized Losses | (499,068) | (534,846) | |
Securities due in One through five years, Fair Value | 5,500,932 | 5,465,154 | |
Corporate Bonds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities due in One through five years, Amortized Cost | 11,199,122 | 12,182,364 | |
Corporate bonds due in Five through ten years, Amortized Cost | 1,000,000 | 1,000,000 | |
Securities due in One through five years, Gross Unrealized Gains | 554 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One, Total | 3,009,923 | 3,022,044 | |
Securities available for sale, due in Less than one year, Gross Unrealized Losses | (21,454) | 37,230 | |
Corporate bonds due in Less than one year, Fair Value | 2,988,469 | 2,984,814 | |
Securities due in One through five years, Gross Unrealized Losses | (469,648) | (585,085) | |
Corporate bonds due in Five through ten years, Gross Unrealized Losses | (81,130) | (76,600) | |
Securities due in One through five years, Fair Value | 10,729,474 | 11,597,833 | |
Corporate bonds due in Five through ten years, Fair Value | 918,870 | 923,400 | |
Residential Mortgage Backed Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 44,047,282 | 44,879,199 | |
Gross Unrealized Gains | 4,458 | 2,146 | |
Gross Unrealized Losses | (5,754,573) | (5,232,300) | |
Fair Value | 38,297,167 | 39,649,045 | |
Commercial Mortgage Backed Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 20,999,717 | 22,086,788 | |
Gross Unrealized Losses | (2,367,204) | (2,534,064) | |
Fair Value | $ 18,632,513 | $ 19,552,724 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Securities | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Allowance for credit losses on securities | $ 0 | ||
Number of securities in loss position | Securities | 50 | ||
Interest – bearing deposits in other | Collateral Pledged | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Debt securities, available-for-sale, restricted | $ 123,808 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Sales of available-for-sale securities | $ 0 | $ 0 | |
Percent of MSB issued | 100% | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Collateral Pledged | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Debt securities, available-for-sale, restricted | $ 126,662 |
SECURITIES AVAILABLE FOR SALE_3
SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | $ 7,579,042 | $ 45,468,677 |
Unrealized Losses, Less Than 12 Months | (326,643) | (3,092,661) |
Fair Value, 12 Months or More | 73,939,044 | 38,259,752 |
Unrealized Losses, 12 Months or More | (8,877,645) | (5,951,166) |
Fair Value, Total | 81,518,086 | 83,728,429 |
Unrealized Losses, Total | (9,204,288) | (9,043,827) |
U.S Treasury Bills | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 4,927,608 | |
Unrealized Losses, Less Than 12 Months | (43,702) | |
Fair Value, 12 Months or More | 4,983,764 | |
Unrealized Losses, 12 Months or More | (11,211) | |
Fair Value, Total | 4,983,764 | 4,927,608 |
Unrealized Losses, Total | (11,211) | (43,702) |
U.S. Government and Agency Obligations | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 2,758,248 | |
Unrealized Losses, Less Than 12 Months | (241,752) | |
Fair Value, 12 Months or More | 5,500,932 | 2,706,906 |
Unrealized Losses, 12 Months or More | (499,068) | (293,094) |
Fair Value, Total | 5,500,932 | 5,465,154 |
Unrealized Losses, Total | (499,068) | (534,846) |
Corporate Bonds | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 11,859,089 | |
Unrealized Losses, Less Than 12 Months | (392,367) | |
Fair Value, 12 Months or More | 14,636,812 | 2,647,402 |
Unrealized Losses, 12 Months or More | (572,232) | (306,548) |
Fair Value, Total | 14,636,812 | 14,506,491 |
Unrealized Losses, Total | (572,232) | (698,915) |
Residential Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 3,390,067 | 16,474,573 |
Unrealized Losses, Less Than 12 Months | (177,215) | (1,557,718) |
Fair Value, 12 Months or More | 34,373,999 | 22,801,879 |
Unrealized Losses, 12 Months or More | (5,577,358) | (3,674,582) |
Fair Value, Total | 37,764,066 | 39,276,452 |
Unrealized Losses, Total | (5,754,573) | (5,232,300) |
Commercial Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 4,188,975 | 9,449,159 |
Unrealized Losses, Less Than 12 Months | (149,428) | (857,122) |
Fair Value, 12 Months or More | 14,443,537 | 10,103,565 |
Unrealized Losses, 12 Months or More | (2,217,776) | (1,676,942) |
Fair Value, Total | 18,632,512 | 19,552,724 |
Unrealized Losses, Total | $ (2,367,204) | $ (2,534,064) |
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 by contractual maturity (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 78,207,206 | $ 77,427,309 |
Gross Unrealized Gains | 2,801 | 57,703 |
Gross Unrealized Losses | (7,008,054) | (6,785,361) |
Fair Value | 71,201,953 | 70,699,651 |
U.S. Government and Agency Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in One through five years, Amortized Cost | 10,000,000 | 10,000,000 |
Securities held to maturity, due in Five through ten years, Amortized Cost | 3,000,000 | 3,000,000 |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (428,570) | (456,850) |
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses | (388,377) | (466,866) |
Securities held to maturity, due in One through five years, Fair Value | 9,571,430 | 9,543,150 |
Securities held to maturity, due in Five through ten years, Fair Value | 2,611,623 | 2,533,134 |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in One through five years, Amortized Cost | 2,447,722 | 2,444,729 |
Securities held to maturity, due in Five through ten years, Amortized Cost | 17,277,373 | 15,825,262 |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | 1,269 | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 54,738 | |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (57,009) | (55,836) |
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses | (1,511,930) | (1,045,557) |
Securities held to maturity, due in One through five years, Fair Value | 2,390,713 | 2,390,162 |
Securities held to maturity, due in Five through ten years, Fair Value | 15,765,443 | 14,834,443 |
Municipal Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 7,700,335 | 7,706,402 |
Securities held to maturity, due in One through five years, Amortized Cost | 902,310 | 902,545 |
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 | 1,727,132 | 1,728,184 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 1,961 | 1,286 |
Securities held to maturity, due in Less than one year, Gross Unrealized Losses | (6,787) | (36,250) |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (72,825) | (84,742) |
Securities held to maturity, due in more than ten years, Gross Unrealized Losses | (309,700) | (346,586) |
Securities held to maturity, due in Less than one year, Fair Value | 7,693,548 | 7,670,152 |
Securities held to maturity, due in One through five years, Fair Value | 829,485 | 817,803 |
Securities held to maturity, due in Five through ten years, Fair Value | 376,961 | 376,286 |
Securities held to maturity, due in more than ten years, Fair Value | 1,417,432 | 1,381,598 |
Residential Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 13,991,428 | 14,425,827 |
Gross Unrealized Gains | 840 | 410 |
Gross Unrealized Losses | (1,530,638) | (1,431,861) |
Fair Value | 12,461,630 | 12,994,376 |
Commercial Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 20,785,906 | 21,019,360 |
Gross Unrealized Losses | (2,702,218) | (2,860,813) |
Fair Value | $ 18,083,688 | $ 18,158,547 |
SECURITIES HELD TO MATURITY -_2
SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 22,497,212 | $ 38,069,709 |
Unrealized Losses, Less Than 12 Months | (1,138,461) | (1,557,872) |
Fair Value, 12 Months or More | 48,165,176 | 29,645,962 |
Unrealized Losses, 12 Months or More | (5,869,593) | (5,227,489) |
Fair Value, Total | 68,415,471 | 67,715,671 |
Unrealized Losses, Total | (7,008,054) | (6,785,361) |
U.S. Government and Agency Obligations | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 9,543,150 | |
Unrealized Losses, Less Than 12 Months | (456,850) | |
Fair Value, 12 Months or More | 12,183,053 | 2,533,134 |
Unrealized Losses, 12 Months or More | (816,947) | (466,866) |
Fair Value, Total | 12,183,053 | 12,076,284 |
Unrealized Losses, Total | (816,947) | (923,716) |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 13,871,194 | 11,464,282 |
Unrealized Losses, Less Than 12 Months | (1,103,901) | (680,447) |
Fair Value, 12 Months or More | 4,284,963 | 3,329,054 |
Unrealized Losses, 12 Months or More | (465,038) | (420,946) |
Fair Value, Total | 18,156,157 | 14,793,336 |
Unrealized Losses, Total | (1,568,939) | (1,101,393) |
Municipal Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 7,693,548 | 7,670,152 |
Unrealized Losses, Less Than 12 Months | (6,787) | (36,250) |
Fair Value, 12 Months or More | 2,246,917 | 2,199,401 |
Unrealized Losses, 12 Months or More | (382,525) | (431,328) |
Fair Value, Total | 7,693,548 | 9,869,553 |
Unrealized Losses, Total | (389,312) | (467,578) |
MBSs - residential | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 932,470 | 2,008,303 |
Unrealized Losses, Less Than 12 Months | (27,773) | (101,341) |
Fair Value, 12 Months or More | 11,366,555 | 10,809,648 |
Unrealized Losses, 12 Months or More | (1,502,865) | (1,330,520) |
Fair Value, Total | 12,299,025 | 12,817,951 |
Unrealized Losses, Total | (1,530,638) | (1,431,861) |
MBSs - commercial | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 7,383,822 | |
Unrealized Losses, Less Than 12 Months | (282,984) | |
Fair Value, 12 Months or More | 18,083,688 | 10,774,725 |
Unrealized Losses, 12 Months or More | (2,702,218) | (2,577,829) |
Fair Value, Total | 18,083,688 | 18,158,547 |
Unrealized Losses, Total | $ (2,702,218) | $ (2,860,813) |
SECURITIES HELD TO MATURITY - A
SECURITIES HELD TO MATURITY - Additional Information (Detail) | Mar. 31, 2023 USD ($) Securities | Dec. 31, 2022 USD ($) |
Schedule Of Held To Maturity Securities [Line Items] | ||
Number of securities in loss position | Securities | 58 | |
Collateral Pledged | Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 5,147,814 | $ 5,293,804 |
Collateral Pledged | Interest – bearing deposits in other | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 5,311,643 | $ 5,293,804 |
LOANS - Summary of Loans Receiv
LOANS - Summary of Loans Receivable and Related Reclassifications (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 714,751,296 | $ 721,729,711 | $ 721,603,936 | ||
Allowance for credit losses | (2,860,949) | (2,860,949) | (2,578,174) | $ (2,153,174) | $ (2,153,174) |
Net loans | 711,890,347 | 718,868,762 | 719,025,762 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,523,380 | 1,684,189 | 1,684,189 | ||
Allowance for credit losses | (4,000) | (4,000) | (3,960) | (9,300) | (9,400) |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 489,079,665 | 495,689,840 | 466,100,627 | ||
Allowance for credit losses | (1,914,947) | (1,814,203) | (1,602,534) | (1,075,074) | (1,092,474) |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 162,338,669 | ||||
Allowance for credit losses | (615,480) | (780,000) | (768,600) | ||
Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 95,343,455 | 96,030,721 | |||
Allowance for credit losses | (423,000) | (522,977) | (381,180) | ||
Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 71,414,226 | 66,400,713 | |||
Allowance for credit losses | (278,000) | (259,769) | (234,300) | ||
Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 57,379,095 | 61,825,478 | 61,825,478 | ||
Allowance for credit losses | (195,240) | (260,000) | (258,500) | (208,000) | (195,000) |
Home Equity and Other Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29,654,973 | ||||
Allowance for credit losses | (97,700) | $ (80,800) | $ (87,700) | ||
Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 11,475 | 98,770 | |||
Allowance for credit losses | (97,700) | ||||
Post Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 721,729,711 | ||||
Allowance for credit losses | 2,860,949 | ||||
Net loans | 718,868,762 | ||||
Post Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,684,189 | ||||
Post Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 495,689,840 | ||||
Post Adoption | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 96,030,721 | ||||
Post Adoption | Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 66,400,713 | ||||
Post Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 61,825,478 | ||||
Post Adoption | Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 98,770 | ||||
Pre Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 721,603,936 | 721,603,936 | |||
Allowance for credit losses | (2,578,174) | (2,578,174) | |||
Net loans | 719,025,762 | 719,025,762 | |||
Pre Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,684,189 | 1,684,189 | |||
Allowance for credit losses | (3,960) | ||||
Pre Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 466,100,627 | 466,100,627 | |||
Allowance for credit losses | (1,602,534) | ||||
Pre Adoption | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 162,338,669 | 162,338,669 | |||
Allowance for credit losses | (615,480) | ||||
Pre Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 61,825,478 | 61,825,478 | |||
Allowance for credit losses | (258,500) | ||||
Pre Adoption | Home Equity and Other Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29,654,973 | 29,654,973 | |||
Allowance for credit losses | (97,700) | ||||
The Effect of Adoption | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 125,775 | 125,775 | |||
Allowance for credit losses | (282,775) | (282,775) | |||
Net loans | (157,000) | (157,000) | |||
The Effect of Adoption | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | (40) | ||||
The Effect of Adoption | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29,589,213 | 29,589,213 | |||
Allowance for credit losses | (211,669) | ||||
The Effect of Adoption | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | (162,338,669) | (162,338,669) | |||
Allowance for credit losses | 615,480 | ||||
The Effect of Adoption | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 96,030,721 | 96,030,721 | |||
Allowance for credit losses | (522,977) | ||||
The Effect of Adoption | Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 66,400,713 | 66,400,713 | |||
Allowance for credit losses | (259,769) | ||||
The Effect of Adoption | Construction | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for credit losses | (1,500) | ||||
The Effect of Adoption | Home Equity and Other Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | (29,654,973) | (29,654,973) | |||
Allowance for credit losses | 97,700 | ||||
The Effect of Adoption | Consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 98,770 | $ 98,770 |
LOANS - Additional Information
LOANS - Additional Information (Detail) | Mar. 31, 2023 USD ($) Loan | Dec. 31, 2022 USD ($) |
Financing Receivable, Past Due [Line Items] | ||
Loans receivable from related parties | $ 1,756,594 | $ 577,143 |
Deferred loan fees | $ 2,894,450 | 1,249,233 |
Fair value of PCI loans | 4,220,697 | |
Nonaccrual loans with specific reserve | Loan | 0 | |
Residential | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Fair value of PCI loans | 2,841,097 | |
Other real estate owned | $ 0 | $ 0 |
LOANS - Summary of activity in
LOANS - Summary of activity in the allowance for credit losses by portfolio segment (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | $ 2,578,174 | $ 2,153,174 |
Impact of ASC 326 adoption | 282,775 | |
Ending balance | 2,860,949 | 2,153,174 |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 1,602,534 | 1,092,474 |
Impact of ASC 326 adoption | 113,969 | |
Provision for recovery of credit losses (credit) | 198,444 | (17,400) |
Ending balance | 1,914,947 | 1,075,074 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 381,180 | |
Impact of ASC 326 adoption | 141,797 | |
Provision for recovery of credit losses (credit) | (99,975) | |
Ending balance | 423,000 | |
Commercial Real Estate Portfolio Segment | Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 234,300 | |
Impact of ASC 326 adoption | 25,469 | |
Provision for recovery of credit losses (credit) | 18,231 | |
Ending balance | 278,000 | |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 615,480 | 768,600 |
Provision for recovery of credit losses (credit) | 11,400 | |
Ending balance | 780,000 | |
Commercial Real Estate Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 258,500 | 195,000 |
Impact of ASC 326 adoption | 1,500 | |
Provision for recovery of credit losses (credit) | (19,000) | 13,000 |
Ending balance | 195,240 | 208,000 |
Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 3,960 | 9,400 |
Impact of ASC 326 adoption | 40 | |
Provision for recovery of credit losses (credit) | (100) | |
Ending balance | 4,000 | 9,300 |
Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 97,700 | |
Provision for recovery of credit losses (credit) | (97,700) | |
Consumer | Home Equity and Other | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | $ 97,700 | 87,700 |
Provision for recovery of credit losses (credit) | (6,900) | |
Ending balance | $ 80,800 |
LOANS - Summary of allowance fo
LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||||
Individually evaluated for impairment | $ 33,000 | ||||
Collectively evaluated for impairment | 2,545,174 | ||||
Total ending allowance balance | $ 2,860,949 | $ 2,860,949 | 2,578,174 | $ 2,153,174 | $ 2,153,174 |
Loans individually evaluated for impairment | 856,659 | ||||
Loans collectively evaluated for impairment | 716,526,580 | ||||
Loans acquired with deteriorated credit quality | 4,220,697 | ||||
Total ending loan balance | 714,751,296 | 721,729,711 | 721,603,936 | ||
Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Individually evaluated for impairment | 10,922,520 | ||||
Commercial Real Estate Portfolio Segment | Residential First Mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Individually evaluated for impairment | 33,000 | ||||
Collectively evaluated for impairment | 1,569,534 | ||||
Total ending allowance balance | 1,914,947 | 1,814,203 | 1,602,534 | 1,075,074 | 1,092,474 |
Loans individually evaluated for impairment | 819,590 | ||||
Loans collectively evaluated for impairment | 462,439,940 | ||||
Loans acquired with deteriorated credit quality | 2,841,097 | ||||
Total ending loan balance | 489,079,665 | 495,689,840 | 466,100,627 | ||
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||||
Financing Receivable, Past Due [Line Items] | |||||
Collectively evaluated for impairment | 615,480 | ||||
Total ending allowance balance | 615,480 | 780,000 | 768,600 | ||
Loans collectively evaluated for impairment | 160,990,186 | ||||
Loans acquired with deteriorated credit quality | 1,348,483 | ||||
Total ending loan balance | 162,338,669 | ||||
Commercial Real Estate Portfolio Segment | Construction | |||||
Financing Receivable, Past Due [Line Items] | |||||
Individually evaluated for impairment | 10,922,520 | ||||
Collectively evaluated for impairment | 258,500 | ||||
Total ending allowance balance | 195,240 | 260,000 | 258,500 | 208,000 | 195,000 |
Loans collectively evaluated for impairment | 61,825,478 | ||||
Total ending loan balance | 57,379,095 | 61,825,478 | 61,825,478 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Collectively evaluated for impairment | 3,960 | ||||
Total ending allowance balance | 4,000 | 4,000 | 3,960 | 9,300 | 9,400 |
Loans collectively evaluated for impairment | 1,684,189 | ||||
Total ending loan balance | $ 1,523,380 | $ 1,684,189 | 1,684,189 | ||
Consumer | Home Equity and Other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Collectively evaluated for impairment | 97,700 | ||||
Total ending allowance balance | 97,700 | $ 80,800 | $ 87,700 | ||
Loans individually evaluated for impairment | 37,069 | ||||
Loans collectively evaluated for impairment | 29,586,787 | ||||
Loans acquired with deteriorated credit quality | 31,117 | ||||
Total ending loan balance | $ 29,654,973 |
LOANS - Summary of impaired loa
LOANS - Summary of impaired loans (Detail) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Financing Receivable, Past Due [Line Items] | |
Loans with no related allowance recorded | $ 1,724,569 |
Loans with an allowance recorded | 171,616 |
Amount of allowance for loan losses allocated | 33,000 |
Average of individually impaired loans | 1,815,109 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |
Financing Receivable, Past Due [Line Items] | |
Loans with no related allowance recorded | 1,199,278 |
Loans with an allowance recorded | 171,616 |
Amount of allowance for loan losses allocated | 33,000 |
Average of individually impaired loans | 1,300,615 |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |
Financing Receivable, Past Due [Line Items] | |
Loans with no related allowance recorded | 488,222 |
Average of individually impaired loans | 488,196 |
Home Equity and Other Consumer | Consumer | |
Financing Receivable, Past Due [Line Items] | |
Loans with no related allowance recorded | 37,069 |
Average of individually impaired loans | $ 26,298 |
LOANS - Summary of collateral -
LOANS - Summary of collateral - dependent loans individually evaluated with the allowance for credit losses by collateral type (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans individually evaluated with the allowance for credit losses | $ 33,000 | |
Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans individually evaluated with the allowance for credit losses | $ 10,922,520 | |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans individually evaluated with the allowance for credit losses | $ 33,000 | |
Commercial Real Estate Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans individually evaluated with the allowance for credit losses | $ 10,922,520 |
LOANS - Summary of recorded inv
LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 23,830,693 | $ 856,659 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 1,497,898 | 819,590 |
Home Equity and Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 37,069 |
LOANS - Summary of non-accrual
LOANS - Summary of non-accrual loans (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 23,830,693 | $ 856,659 |
Nonaccrual with no Allowance for Credit Loss | 23,830,693 | |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,497,898 | 819,590 |
Nonaccrual with no Allowance for Credit Loss | 1,497,898 | |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 487,755 | |
Nonaccrual with no Allowance for Credit Loss | 487,755 | |
Commercial Real Estate Portfolio Segment | Construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 10,922,520 | |
Nonaccrual with no Allowance for Credit Loss | 10,922,520 | |
Commercial Real Estate Portfolio Segment | Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 10,922,520 | $ 37,069 |
Nonaccrual with no Allowance for Credit Loss | $ 10,922,520 |
LOANS - Summary of aging of loa
LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | |||
PCI Loans | $ 4,220,697 | ||
Total loans | $ 714,751,296 | $ 721,729,711 | 721,603,936 |
Commercial and Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,523,380 | 1,684,189 | |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
PCI Loans | 2,841,097 | ||
Total loans | 489,079,665 | 495,689,840 | 466,100,627 |
Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 95,343,455 | 96,030,721 | |
Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 71,414,226 | 66,400,713 | |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
PCI Loans | 1,348,483 | ||
Total loans | 162,338,669 | ||
Construction | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 57,379,095 | 61,825,478 | 61,825,478 |
Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 11,475 | $ 98,770 | |
Home Equity and Other Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
PCI Loans | 31,117 | ||
Total loans | 29,654,973 | ||
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 92,977 | ||
30-59 Days Past Due | Home Equity and Other Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 92,977 | ||
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 1,117,150 | 360,849 | |
60-89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 1,117,150 | 360,849 | |
Greater than 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 12,132,382 | 298,637 | |
Greater than 89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 783,376 | 279,515 | |
Greater than 89 Days Past Due | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 455,293 | ||
Greater than 89 Days Past Due | Construction | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 10,893,713 | ||
Greater than 89 Days Past Due | Home Equity and Other Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 19,122 | ||
Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 13,249,532 | 752,463 | |
Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 1,900,526 | 640,364 | |
Past Due | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 455,293 | ||
Past Due | Construction | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 10,893,713 | ||
Past Due | Home Equity and Other Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 112,099 | ||
Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 701,501,764 | 716,630,776 | |
Not Past Due | Commercial and Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 1,523,380 | 1,684,189 | |
Not Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 487,179,139 | 462,619,166 | |
Not Past Due | Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 94,888,162 | ||
Not Past Due | Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 71,414,226 | ||
Not Past Due | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 160,990,186 | ||
Not Past Due | Construction | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | 46,485,382 | 61,825,478 | |
Not Past Due | Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | $ 11,475 | ||
Not Past Due | Home Equity and Other Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Due | $ 29,511,757 |
LOANS - Summary of loans rece_2
LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | |||
2023 | $ 1,356,565 | ||
2022 | 121,852,766 | ||
2021 | 40,535,430 | ||
2020 | 38,673,157 | ||
2019 | 34,536,046 | ||
Prior | 145,079,214 | ||
Revolving | 332,718,118 | ||
Total | 714,751,296 | $ 721,729,711 | $ 721,603,936 |
Commercial and Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
2021 | 259,355 | ||
2020 | 767,024 | ||
2019 | 348,985 | ||
Prior | 6,494 | ||
Revolving | 141,522 | ||
Total | 1,523,380 | 1,684,189 | |
Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 720,555,735 | ||
Pass | Commercial and Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
2021 | 259,355 | ||
2020 | 767,024 | ||
2019 | 348,985 | ||
Prior | 6,494 | ||
Revolving | 141,522 | ||
Total | 1,523,380 | 1,684,189 | |
Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 575,087 | ||
Substandard | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 473,114 | ||
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2023 | 1,356,565 | ||
2022 | 116,300,705 | ||
2021 | 40,276,075 | ||
2020 | 30,069,341 | ||
2019 | 28,581,296 | ||
Prior | 130,169,012 | ||
Revolving | 142,326,671 | ||
Total | 489,079,665 | 495,689,840 | 466,100,627 |
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2023 | 1,356,565 | ||
2022 | 116,300,705 | ||
2021 | 40,276,075 | ||
2020 | 29,878,332 | ||
2019 | 28,409,680 | ||
Prior | 129,243,964 | ||
Revolving | 141,925,437 | ||
Total | 487,390,758 | 465,089,495 | |
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2020 | 191,009 | ||
2019 | 171,616 | ||
Prior | 455,299 | ||
Revolving | 112,099 | ||
Total | 930,023 | 555,965 | |
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Prior | 469,749 | ||
Revolving | 289,135 | ||
Total | 758,884 | 455,167 | |
Commercial Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2022 | 3,116,904 | ||
2020 | 6,634,424 | ||
2019 | 5,605,765 | ||
Prior | 12,726,031 | ||
Revolving | 67,260,331 | ||
Total | 95,343,455 | 96,030,721 | |
Commercial Real Estate | Pass | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2022 | 3,116,904 | ||
2020 | 6,634,424 | ||
2019 | 5,605,765 | ||
Prior | 12,726,031 | ||
Revolving | 66,772,576 | ||
Total | 94,855,700 | ||
Commercial Real Estate | Special Mention | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Revolving | 487,755 | ||
Total | 487,755 | ||
Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2022 | 2,435,157 | ||
2020 | 1,202,368 | ||
Prior | 2,177,677 | ||
Revolving | 65,599,024 | ||
Total | 71,414,226 | 66,400,713 | |
Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
2022 | 2,435,157 | ||
2020 | 1,202,368 | ||
Prior | 2,177,677 | ||
Revolving | 65,599,024 | ||
Total | 71,414,226 | ||
Construction | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Revolving | 57,379,095 | ||
Total | 57,379,095 | 61,825,478 | 61,825,478 |
Construction | Pass | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Revolving | 46,456,575 | ||
Total | 46,456,575 | 61,825,478 | |
Construction | Substandard | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Revolving | 10,922,520 | ||
Total | 10,922,520 | ||
Consumer | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Revolving | 11,475 | ||
Total | 11,475 | $ 98,770 | |
Consumer | Pass | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Revolving | 11,475 | ||
Total | $ 11,475 | ||
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 162,338,669 | ||
Commercial and Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 162,338,669 | ||
Home Equity and Other Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 29,654,973 | ||
Home Equity and Other Consumer | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 29,617,904 | ||
Home Equity and Other Consumer | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 19,122 | ||
Home Equity and Other Consumer | Substandard | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 17,947 |
STOCK BASED COMPENSATION - Addi
STOCK BASED COMPENSATION - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Sep. 02, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | May 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share options awarded | 526,119 | 526,119 | |||
Grant date fair value of options awarded | $ 10.45 | $ 10.45 | |||
Number of non-vested options outstanding | 523,619 | 523,619 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded | |||||
Grant date fair value of shares awarded | |||||
Number of non-vested restricted shares outstanding | 181,215 | 181,215 | |||
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 | $ 118,000 | $ 118,000 | |||
Number of non-vested restricted shares outstanding | 181,215 | ||||
Expected future compensation expense related to non-vested shares | $ 1,800,000 | ||||
Vesting period of non-vested options | 4 years | ||||
2021 Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for issuance | 644,718 | ||||
Service period of shares granted | 5 years | ||||
Expense of awards recognized | $ 115,000 | $ 115,000 | |||
Expected future compensation expense related to non-vested shares | $ 1,700,000 | ||||
Vesting period of non-vested options | 4 years | ||||
Grant date fair value of options awarded | $ 4.37 | ||||
Expiration period of shares granted | 10 years | ||||
Number of non-vested options outstanding | 418,895 |
STOCK BASED COMPENSATION - Summ
STOCK BASED COMPENSATION - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Non-vested Restricted Shares, Outstanding, Beginning balance | shares | 181,215 |
Number of Non-vested Restricted Shares, Granted | shares | |
Number of Non-vested Restricted Shares, Vested | shares | |
Number of Non-vested Restricted Shares, Forfeited | shares | |
Number of Non-vested Restricted Shares, Outstanding, Ending balance | shares | 181,215 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance | $ / shares | $ 10.45 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | |
Weighted Average Grant Date Fair Value, Vested | $ / shares | |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
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) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Stock Options, Outstanding, Beginning balance | 523,619 | ||
Number of Stock Options, Granted | 526,119 | 526,119 | |
Number of Stock Options, Outstanding, Ending balance | 523,619 | 523,619 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 104,724 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 10.45 | ||
Weighted Average Exercise Price, Granted | 10.45 | $ 10.45 | |
Weighted Average Exercise Price, Outstanding, Ending balance | $ 10.45 | $ 10.45 | |
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term, Outstanding | 5 years 10 months 24 days | 6 years 6 months |
EMPLOYEE STOCK OWNERSHIP PLAN -
EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
ESOP expenses incurred | $ 72,385 | $ 66,146 |
Employee Stock Ownership Plan (ESOP) | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
ESOP shares issued | 515,775 | |
ESOP percentage of shares outstanding | 3.92% | |
ESOP, Number of shares to be allocated | 25,789 | |
ESOP expenses incurred | $ 72,000 | $ 66,000 |
ESOP, Number of shares allocated | 72,539 | |
ESOP, Number of shares unallocated | 429,900 | |
ESOP, fair value of unallocated shares | $ 4,300,000 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITES - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) InteretRateSwap | |
Derivative [Line Items] | |
Number of interest rate swap | InteretRateSwap | 2 |
Accrued interest | $ 12,000 |
Brokered Deposits | |
Derivative [Line Items] | |
Number of interest rate swap | InteretRateSwap | 1 |
Notional amount | $ 10,000,000 |
FHLB Advances | |
Derivative [Line Items] | |
Number of interest rate swap | InteretRateSwap | 1 |
Notional amount | $ 20,000,000 |
Interest Rate Swaps | |
Derivative [Line Items] | |
Unrealized losses recorded for change in fair value of interest rate swaps | (163,349) |
One Interest Rate Swap | FHLB Advances | |
Derivative [Line Items] | |
Notional amount | $ 10,000,000 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITES - Schedule of Fair Value of Derivative Financial Instruments (Detail) | Mar. 31, 2023 USD ($) |
Derivatives, Fair Value [Line Items] | |
Interest rate swaps, Fair Value | $ 163,349 |
Derivative asset, statement of financial position [Extensible Enumeration] | Other assets |
Total derivative instruments, Fair Value | $ 163,349 |
FAIR VALUE - Summary of assets
FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 82,051,189 | $ 0 | $ 85,100,578 |
MBSs - residential | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 38,297,167 | 39,649,045 | |
MBSs - commercial | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 18,632,513 | 19,552,724 | |
Fair Value, Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 4,983,764 | 4,927,608 | |
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 77,230,774 | 80,497,032 | |
Fair Value, Recurring Basis | U.S Treasury Bills | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 4,983,764 | 4,927,608 | |
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 | 5,500,932 | 5,465,154 | |
Fair Value, Recurring Basis | Cash Flow Hedge | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 163,349 | 324,062 | |
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 | 14,636,813 | 15,506,047 | |
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 | 38,297,167 | 39,649,045 | |
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 | 18,632,513 | 19,552,724 | |
Fair Value, Recurring Basis | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 82,214,538 | 85,424,640 | |
Fair Value, Recurring Basis | Carrying Value | U.S Treasury Bills | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 4,983,764 | 4,927,608 | |
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 | 5,500,932 | 5,465,154 | |
Fair Value, Recurring Basis | Carrying Value | Cash Flow Hedge | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 163,349 | 324,062 | |
Fair Value, Recurring Basis | Carrying Value | Corporate Bonds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 14,636,813 | 15,506,047 | |
Fair Value, Recurring Basis | Carrying Value | MBSs - residential | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 38,297,167 | 39,649,045 | |
Fair Value, Recurring Basis | Carrying Value | MBSs - commercial | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 18,632,513 | $ 19,552,724 |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value assets and liabilities transfer amount | $ 0 |
FAIR VALUE - Summary of carryin
FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments not Measured at Fair Value (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financial instruments - assets | ||
Investment securities held-to-maturity | $ 71,201,953 | $ 70,699,651 |
Loans and loans held for sale | 646,937,000 | 658,250,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 498,240,000 | 491,638,000 |
Borrowings | 100,024,000 | 98,885,000 |
Fair Value Measurement Placement (Level 2) | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 71,202,000 | 70,700,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 498,240,000 | 491,638,000 |
Borrowings | 100,024,000 | 98,885,000 |
Fair Value Measurement Placement (Level 3) | ||
Financial instruments - assets | ||
Loans and loans held for sale | 646,937,000 | 658,250,000 |
Carrying Value | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 78,207,000 | 77,427,000 |
Loans and loans held for sale | 711,890,000 | 719,026,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 498,165,000 | 492,593,000 |
Borrowings | $ 112,032,000 | $ 102,319,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 139,659,123 | $ 147,576,211 |
Comprehensive income (loss) | 746,532 | (957,502) |
Ending balance | 139,086,259 | 145,025,932 |
Unrealized Gain and Losses on Available for Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (6,499,666) | (289,814) |
Other comprehensive (loss) income before reclassification | (114,092) | (2,399,988) |
Comprehensive income (loss) | (114,092) | (2,399,988) |
Ending balance | (6,613,758) | (2,689,802) |
Dervatives | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 232,969 | |
Other comprehensive (loss) income before reclassification | (115,537) | |
Comprehensive income (loss) | (115,537) | |
Ending balance | 117,432 | |
Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 55,684 | 17,158 |
Other comprehensive (loss) income before reclassification | (16,546) | 41,589 |
Comprehensive income (loss) | (16,546) | 41,589 |
Ending balance | 39,138 | 58,747 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (6,211,013) | (272,656) |
Other comprehensive (loss) income before reclassification | (246,175) | (2,358,399) |
Comprehensive income (loss) | (246,175) | (2,358,399) |
Ending balance | $ (6,457,188) | $ (2,631,055) |