Bogota Financial (BSBK) 10-Q 26 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 22, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
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
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		13,157,525
Trading Symbol	BSBK
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Consolidated Statements Of Fina

Consolidated Statements Of Financial Condition - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 5,498,502	$ 5,176,241
Interest-bearing deposits in other banks	60,212,447	122,686,318
Cash and cash equivalents	65,710,949	127,862,559
Securities available for sale	13,242,209	13,748,561
Securities held to maturity (fair value of $52,485,507 and $56,582,299, respectively)	51,424,212	56,093,317
Loans, net of allowance of $2,041,174 and $2,016,174, respectively	546,671,229	537,157,217
Premises and equipment, net	4,163,073	4,196,753
Federal Home Loan Bank (FHLB) stock	5,757,900	5,672,700
Accrued interest receivable	2,068,457	2,021,360
Bank owned life insurance	17,509,455	17,409,745
Other assets	2,196,996	2,450,042
Total Assets	708,744,480	766,612,254
Liabilities
Non-interest bearing	17,484,301	16,122,231
Interest bearing	460,121,716	481,627,221
Total Deposits	477,606,017	497,749,452
FHLB advances	99,318,225	97,092,484
Advance payments by borrowers for taxes and insurance	3,249,559	3,191,706
Subscription offering proceeds		90,349,840
Other liabilities	3,881,309	3,250,925
Total liabilities	584,055,110	691,634,407
Commitments and Contingencies-see note 6
Stockholders' Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2020
Common stock $0.01 par value, 30,000,000 shares authorized, 13,157,525 issued and outstanding at March 31, 2020	131,575
Additional Paid-In capital	57,053,962
Retained earnings	73,953,929	75,291,512
Unearned ESOP shares (515,775 shares)	(6,022,899)
Accumulated other comprehensive loss	(427,197)	(313,665)
Total stockholders' equity	124,689,370	74,977,847
Total liabilities and stockholders' equity	$ 708,744,480	$ 766,612,254

Consolidated Statements Of Fi_2

Consolidated Statements Of Financial Condition (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fair value of Securities Maturities	$ 52,485,507	$ 56,582,299
Allowance For Loan	$ 2,041,174	$ 2,016,174
Preferred stock par value	$ 0.01
Preferred shares authorized	1,000,000
Preferred shares issued	0
Preferred shares outstanding	0
Common stock par value	$ 0.01
Common shares authorized	30,000,000
Common shares issued	13,157,525
Common shares outstanding	13,157,525
Unearned ESOP Shares	515,775

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income
Loans	$ 5,097,251	$ 4,943,798
Securities
Taxable	431,053	477,220
Tax-exempt	11,661	40,228
Other interest-earning assets	377,363	229,366
Total interest income	5,917,328	5,690,612
Interest expense
Deposits	2,316,321	2,433,994
FHLB advances	517,072	441,578
Total interest expense	2,833,393	2,875,572
Net interest income	3,083,935	2,815,040
Provision for loan losses	25,000
Net interest income after provision for loan losses	3,058,935	2,815,040
Non-interest income
Fees and service charges	19,717	30,044
Bank owned life insurance	99,711	100,097
Other	1,954	10,234
Total non-interest income	121,382	140,375
Non-interest expense
Salaries and employee benefits	1,257,598	1,253,831
Occupancy and equipment	169,540	175,364
FDIC insurance assessment	45,000	45,088
Data processing	146,025	564,103
Advertising	59,634	60,000
Director fees	186,281	169,564
Professional fees	132,333	60,000
Contribution to Charitable Foundation	2,881,500
Other	194,703	178,187
Total non-interest expense	5,072,614	2,506,137
Income (loss) before income taxes	(1,892,296)	449,278
Income tax (benefit) expense	(554,714)	87,460
Net (loss) income	$ (1,337,583)	$ 361,818
Earnings (loss) per share	$ (0.13)
Weighted average shares outstanding	10,699,272

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,337,583)	$ 361,818
Unrealized gains/losses on securities available for sale:
Unrealized holding (loss) gain arising during the period	(196,731)	18,363
Tax effect, income tax (expense) benefit	55,301	(5,162)
Net of tax	(141,430)	13,201
Defined benefit retirement plans:
Net gain arising during the period including changes in assumptions	935
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits	(37,869)
Tax effect, income tax benefit	(10,906)
Net of tax	27,898
Total other comprehensive income (loss)	(113,532)	13,201
Comprehensive (loss) income	$ (1,451,115)	$ 375,019

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($)	Total	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Accumulates Other Comprehensive Income (Loss)	Unearned ESOP shares [Member]
Beginning balance at Dec. 31, 2018	$ 72,477,768			$ 72,794,887	$ (317,119)
Net (loss) income	361,818			361,818
Other comprehensive (loss) income	13,201				13,201
Reclassification of the stranded tax effects from the enactment of the Tax Cuts and Jobs Act				68,713	(68,713)
Ending balance at Mar. 31, 2019	72,852,787			73,225,418	(372,631)
Beginning balance at Dec. 31, 2019	74,977,847			75,291,512	(313,665)
Net (loss) income	(1,337,583)			(1,337,583)
Other comprehensive (loss) income	(113,532)				(113,532)
Issuance of common stock for initial public offering, net of expenses	54,554,037	$ 128,943	$ 54,425,094
Issuance of common stock for initial public offering, net of expenses, shares		12,894,375
Issuance of common stock to the Charitable Foundation	2,631,500	$ 2,632	2,628,868
Issuance of common stock to the Charitable Foundation, shares		263,150
Stock purchase by the ESOP	(6,022,899)					$ (6,022,899)
Ending balance at Mar. 31, 2020	$ 124,689,370	$ 131,575	$ 57,053,962	$ 73,953,929	$ (427,197)	$ (6,022,899)
Ending balance, shares at Mar. 31, 2020		13,157,525

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flow - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net (loss) income	$ (1,337,583)	$ 361,818
Adjustments to reconcile net (loss) income to net cash from operating activities:
Provision for loan losses	25,000
Depreciation of premises and equipment	70,170	80,808
Amortization of deferred loan fees	121,763	92,135
Amortization of premiums and accretion of discounts on securities, net	27,512	26,521
Deferred income tax benefit	(809,990)
Contribution to charitable foundation	2,631,500
Increase in cash surrender value of bank owned life insurance	(99,710)	(100,097)
Changes in:
Accrued interest receivable	(47,097)	(109,024)
Net changes in other assets	1,107,431	430,853
Net changes in other liabilities	669,188	128,147
Net cash provided by operating activities	2,358,184	911,161
Cash flows from investing activities
Purchases of securities available for sale		(497,500)
Purchases of securities held to maturity	(2,550,000)	(1,432,600)
Maturities, calls, and repayments of securities available for sale	282,109	519,596
Maturities, calls, and repayments of securities held to maturity	7,219,105	7,848,715
Net (increase) decrease in loans	(7,791,108)	2,913,773
Loans purchased	(1,869,667)
Purchases of premises and equipment	(36,490)	(6,324)
Purchase of FHLB Stock	(133,100)	(675,000)
Redemption of FHLB stock	47,900	1,184,000
Net cash (used in) provided by investing activities	(4,831,251)	9,854,660
Cash flows from financing activities
Net (decrease) increase in deposits	(20,143,435)	1,129,776
Net decrease in short-term FHLB advances	(3,000,000)	(10,000,000)
Proceeds from long-term FHLB non-repo advances	6,000,000
Repayments of long-term FHLB non-repo advances	(774,259)	(1,070,429)
Loan to ESOP	(6,022,899)
Stock offering expenses	(1,973,312)
Return of unfilled stock offering subscriptions	(41,505,998)
Common stock issuance	7,683,507
Net increase in advance payments from borrowers for taxes and insurance	57,853	133,388
Net cash used in financing activities	(59,678,543)	(9,807,265)
Net (decrease) increase in cash and cash equivalents	(62,151,610)	958,556
Cash and cash equivalents – beginning of year	127,862,559	24,517,602
Cash and cash equivalents at March 31.	65,710,949	25,476,158
Supplemental cash flow information
Subscription offering proceeds used to purchase common stock	48,843,842
Income taxes paid	0	0
Interest paid	$ 2,851,923	$ 2,907,535

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation mid-tier two-tier Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at March 31, 2020 and December 31, 2019. 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. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share in its subscription offering for gross proceeds of approximately $56.6 million and net proceeds of $54.6 million after $2.0 million of expenses . In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications Earnings per Share: 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, 2020. Earnings per share were not applicable for the three months ended March 31, 2019 since there were no shares outstanding. For the three months ended March 31, 2020 Net income $ (1,337,583 ) Basic earnings per share: Weighted average shares outstanding - 10,699,272 Basic earnings per share $ (0.13 ) Use of Estimates Risks and Uncertainties COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 Basis of Presentation S-X the Company, The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and disclosures provided, and actual results could differ. 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. Not yet effective Accounting Pronouncements: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. The new guidance will be effective for years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. Once effective, the standard will be applied using a modified retrospective transition method to the beginning of the earliest period presented. The Company does not expect adoption of the new standard to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, 2016-13 The effective date of ASU 2016-13 one-time one-time

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	3 Months Ended
	Mar. 31, 2020
Available-for-sale Securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
SECURITIES AVAILABLE FOR SALE	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 at March 31, 2020 and December 31, 2019: Amortized Gross Gross Fair March 31, 2020 (unaudited) Corporate bonds due in: One through five years $ 6,533,101 $ 10,026 $ (223,004 ) $ 6,320,123 Five through ten years 350,000 425 — 350,425 MBSs – residential 6,400,195 171,466 — 6,571,661 Total $ 13,283,296 $ 181,917 $ (223,004 ) $ 13,242,209 Amortized Gross Gross Fair December 31, 2019 Corporate bonds due in: Less than one year $ 499,126 $ 2,053 $ (8,405 ) $ 501,179 One through five years 6,038,217 29,709 — 6,059,521 Five through ten years 350,000 157 — 350,157 MBSs – residential 6,705,574 132,130 — 6,837,704 Total $ 13,592,917 $ 164,049 $ (8,405 ) $ 13,748,561 MBSs include Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”) securities, all of which are U.S. government sponsored agencies. There were no sales of securities during the three months ended March 31, 2020 and March 31, 2019. The age of unrealized losses and the fair value of related securities as of March 31, 2020 and December 31, 2019 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized March 31, 2020 (unaudited) Corporate bonds $ 2,800,348 $ (219,456 ) $ 1,004,864 $ (3,548 ) $ 3,805,212 $ (223,004 ) Total $ 2,800,348 $ (219,456 ) $ 1,004,864 $ (3,548 ) $ 3,805,212 $ (223,004 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized December 31, 2019 Corporate bonds $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Total $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Unrealized losses on corporate bonds available for sale have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. At March 31, 2020 and December 31, 2019, securities available for sale with a carrying value of $249,035 and $261,165, respectively, were pledged to secure public deposits.

SECURITIES HELD TO MATURITY

SECURITIES HELD TO MATURITY	3 Months Ended
	Mar. 31, 2020
Held-to-maturity Securities
Marketable Securities [Line Items]
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 at March 31, 2020 and December 31, 2019: Amortized Gross Gross Fair March 31, 2020 (unaudited) U.S. Government-sponsored agencies due in: One through five years $ 2,499,641 $ 3,022 $ — $ 2,502,663 Five through ten years 2,997,173 17,428 — 3,014,601 Corporate bonds due in: Five through ten years 5,437,264 139,739 (30,773 ) 5,546,230 Municipal obligations due in: One through five years 2,289,482 705 (50,690 ) 2,239,497 MBSs: Residential 9,783,047 150,399 — 9,933,446 Commercial 28,417,605 831,465 — 29,249,070 Total $ 51,424,212 $ 1,142,758 $ (81,463 ) $ 52,485,507 Amortized Gross Gross Fair December 31, 2019 U.S. Government-sponsored agencies due in: Less than one year $ 4,950,000 $ — $ (520 ) $ 4,949,480 One through five years 2,499,584 — (8,517 ) 2,491,067 Five through ten years 4,495,576 421 (5,406 ) 4,490,591 Corporate bonds due in: Five through ten years 5,436,837 112,172 — 5,549,009 Municipal obligations due in: Less than one year 909,795 3,697 — 913,492 One through five years 1,380,377 20,395 — 1,400,772 MBSs: Residential 7,820,452 76,082 (10,077 ) 7,886,457 Commercial 28,600,696 305,721 (4,984 ) 28,901,432 Total $ 56,093,317 $ 518,486 $ (29,504 ) $ 56,582,299 MBSs include FHLMC, FNMA and GNMA securities, all of which are U.S. government sponsored agencies. 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 Value Unrecognized Fair Value Unrecognized March 31, 2020 (unaudited) Municipal obligations $ 288,666 $ (1,690 ) $ 1,330,831 $ (49,000 ) $ 1,619,497 $ (50,690 ) Corporate Bonds 1,403,612 (30,773 ) — — 1,403,612 (30,773 ) Total $ 1,692,278 $ (32,463 ) $ 1,330,831 $ (49,000 ) $ 3,023,109 $ (81,463 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Value Unrecognized Fair Value Unrecognized December 31, 2019 U.S. Government-sponsored agencies $ 2,991,651 $ (5,406 ) $ 7,440,548 $ (9,037 ) $ 10,432,199 $ (14,443 ) Corporate bonds — — — — — — MBSs – residential 64,672 (129 ) 1,539,406 (9,948 ) 1,604,078 (10,077 ) MBSs – commercial 2,077,669 (4,984 ) — — 2,077,669 (4,894 ) Total $ 5,133,992 $ (10,519 ) $ 8,979,954 $ (18,985 ) $ 14,113,946 $ (29,504 ) Unrecognized losses have not been recognized into income because the issuers of the securities are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At March 31, 2020 and December 31, 2019, securities held to maturity with a carrying amount of $14,184,163 and $14,392,143, respectively, were pledged to secure repurchase agreements at the FHLBNY. At March 31, 2020 and December 31, 2019, securities held to maturity with a carrying value of $4,091,000 and $4,429,954, respectively were pledged to secure public deposits.

LOANS

LOANS	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
LOANS	NOTE 4 – LOANS Loans are summarized as follows at March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (unaudited) Real estate: Residential $ 386,494,168 $ 384,296,405 Commercial and multi-family real estate 125,023,949 119,831,813 Construction 6,808,088 5,943,594 Commercial and industrial 4,035,298 2,263,608 Consumer: Home equity and other 26,350,900 26,837,971 Total loans 548,712,403 539,173,391 Allowance for loan losses (2,041,174 ) (2,016,174 ) Net loans $ 546,671,229 $ 537,157,217 The Bank has granted loans to officers and directors of the Bank. At March 31, 2020 and December 31, 2019, such loans totaled approximately $772,099 and $779,790, respectively. The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2020 and 2019. Residential Commercial Construction Consumer Commercial Total Three months March 31, 2020 (unaudited) Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) (72,000 ) 77,000 5,000 6,000 9,000 25,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,311,174 $ 589,000 $ 31,000 $ 92,000 $ 18,000 $ 2,041,174 March 31, 2019 (unaudited) Allowance for loan losses: Beginning balance $ 1,266,175 $ 607,000 $ 9,000 $ 89,000 $ 5,000 $ 1,976,175 Provision for loan losses (credit) 38,000 (40,000 ) 1,000 1,000 — — Loans charged off — — — — — — Recoveries 39,999 — — — — 39,999 Total ending allowance balance $ 1,344,174 $ 567,000 $ 10,000 $ 90,000 $ 5,000 $ 2,016,174 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 March : Residential Commercial Construction Consumer Commercial Total March 31, 2020 (unaudited) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,275,315 589,000 31,000 92,000 18,000 2,005,315 Total ending allowance balance $ 1,311,174 $ 589,000 $ 31,000 $ 92,000 $ 18,000 $ 2,041,174 Loans: Loans individually evaluated for impairment $ 1,235,508 $ 227,986 $ — $ 19,415 $ — $ 1,482,909 Loans collectively evaluated for impairment 385,258,660 124,795,963 6,808,088 26,331,485 4,035,298 547,229,494 Total ending loan balance $ 386,494,168 $ 125,023,949 $ 6,808,088 $ 26,350,900 $ 4,035,298 $ 548,712,403 December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,347,315 512,000 26,000 86,000 9,000 1,980,315 Total ending allowance balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Loans: Loans individually evaluated for impairment $ 1,245,071 $ 229,490 $ — $ 19,533 $ — $ 1,494,094 Loans collectively evaluated for impairment 383,051,334 119,602,323 5,943,594 26,818,438 2,263,608 537,679,297 Total ending loan balance $ 384,296,405 $ 119,831,813 $ 5,943,594 $ 26,837,971 $ 2,263,608 $ 539,173,391 Impaired loans as of and for the three months ended March 31, 2020 were as follows: Loans Loans Residential first mortgages $ 1,057,319 $ 178,189 Commercial and Multi-Family 227,986 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,415 — $ 1,304,720 $ 178,189 Average Amount of Residential first mortgages $ 1,061,695 $ 35,859 Commercial and Multi-Family 228,738 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,474 — $ 1,309,907 $ 35,859 Impaired loans as of and for the year ended December 31, 2019 were as follows: Loans Loans Residential first mortgages $ 1,066,071 $ 179,000 Commercial and Multi-Family 229,490 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,533 — $ 1,315,094 $ 179,000 Average Amount of Residential first mortgages $ 1,237,479 $ 35,859 Commercial and Multi-Family 57,373 — Construction — — Commercial & Industrial — — Home equity & other consumer 9,816 — $ 1,304,668 $ 35,859 The Bank has six residential loans totaling $1,241,109 that were troubled debt restructurings (“TDRs”) as of March 31, 2020, with one loan totaling $178,189 with a specific reserve of $35,859. At December 31, 2019, the Bank had six residential loans totaling $1,250,741 that were TDRs and one loan totaling $179,000 with a specific reserve of $35,859. The Bank has not committed to lend additional amounts as of March 31, 2020 and December 31, 2019 to customers with outstanding loans that are classified as TDRs. There were no loans modified as TDRs during the three-month periods ended March 31, 2020 or 2019. There were no TDRs in payment default within twelve months following the modification during the three months ended March 31, 2020 and 2019. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Interest income recognized on impaired loans for the three months ended March 31, 2020 and March 31, 2019 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 March 31, 2020 and December 31, 2019: Nonaccrual Loans Past March 31, 2020 (unaudited) Residential $ 567,320 $ — Commercial and multi-family — — Consumer 19,415 — Total $ 586,735 $ — December 31, 2019 Residential $ 570,406 $ — Commercial and multi-family — — Consumer 19,533 — Total $ 589,940 $ — The following table presents the aging of the recorded investment in past due loans as of March 31, 2020 and December 31, 2019, by class of loans: 30-59 Days 60-89 Days Greater than 89 Total Loans Not Total March 31, 2020 (unaudited) Residential $ 626,695 $ — $ — $ 626,695 $ 385,867,473 $ 386,494,168 Commercial and multi-family — — — — 125,023,949 125,023,949 Construction — — — — 6,808,088 6,808,088 Commercial and industrial — — — — 4,035,298 4,035,298 Consumer 138,664 — — 138,664 26,212,236 26,350,900 Total $ 765,359 $ — $ — $ 765,359 $ 547,947,044 $ 548,712,403 December 31, 2019 Residential $ — $ 370,909 $ — $ 370,909 $ 383,925,496 $ 384,296,405 Commercial and multi-family — — — — 119,831,813 119,831,813 Construction — — — — 5,943,954 5,943,594 Commercial and industrial — — — — 2,263,608 2,263,608 Home Equity & Consumer 171,645 26,474 19,533 217,652 26,620,319 26,837,971 Total $ 171,645 $ 397,383 $ 19,533 $ 588,561 $ 538,584,830 $ 539,173,391 Loans greater than 89 days past due are considered to be nonperforming. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above are considered to be Pass rated loans. Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Substandard Doubtful Totals March 31, 2020 (unaudited) Residential $ 385,048,278 $ 324,468 $ 1,121,422 $ — $ 386,494,168 Commercial and multi-family 123,548,298 — 1,475,651 — 125,023,949 Construction 6,808,088 — — — 6,808,088 Commercial and industrial 4,035,298 — — — 4,035,298 Consumer 26,331,485 — 19,415 — 26,350,900 Total $ 545,769,447 $ 326,468 $ 2,616,488 $ — $ 548,712,403 December 31, 2019 Residential $ 382,840,124 $ 326,089 $ 1,130,192 $ — $ 384,296,405 Commercial and multi-family 118,348,599 — 1,483,214 — 119,831,813 Construction 5,943,594 — — — 5,943,594 Commercial and industrial 2,263,608 — — — 2,263,608 Consumer 26,818,438 — 19,533 — 26,837,971 Total $ 536,214,363 $ 326,089 $ 2,632,939 $ — $ 539,173,391

REGULATORY CAPITAL MATTERS

REGULATORY CAPITAL MATTERS	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
REGULATORY CAPITAL MATTERS	NOTE 5 – REGULATORY CAPITAL MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The Bank must maintain a capital conservation buffer consisting of common equity tier 1 capital greater than of risk-weighted assets above the required minimum risk-based capital levels in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. The conservation buffers for the Bank exceed the fully phased in minimum capital requirement as of March 31, 2020. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below) of total, common equity Tier 1 and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined). Management believes, as of March 31, 2020 and December 31, 2019, that the Bank met all capital adequacy requirements to which they are subject. The most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, common equity Tier 1, Tier I risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since then, which management believes have changed the Bank’s category. Actual and required capital amounts (in thousands) and ratios for the Bank are presented below at March 31, 2020 and December 31, 2019. Actual For Capital Adequacy To Be Well Capitalized (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio March 31, 2020 (unaudited): Total capital to risk weighted assets $ 127,158 28.98 % $ 35,097 8.00 % $ 43,872 10.00 % Tier 1 (Core) capital 125,116 28.52 26,323 6.00 35,097 8.00 Tier 1 Common Equity to risk weighted assets 125,116 28.52 19,742 4.50 28,516 6.50 Tier 1 (Core) capital to average assets 125,116 17.39 28,778 4.00 35,972 5.00 December 31, 2019: Total capital to risk weighted assets $ 77,308 17.76 % $ 34,831 8.00 % $ 43,539 10.00 % Tier 1 (Core) capital 75,292 17.29 26,123 6.00 34,821 8.00 Tier 1 Common Equity to risk weighted assets 75,292 17.29 19,592 4.50 28,300 6.50 Tier 1 (Core) capital to average assets 75,292 10.78 17,415 4.00 21,769 5.00 As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, as modified in April 2020, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s Tier 1 equity capital to average total consolidated assets) for financial institutions with less than $10 billion. A “qualifying community bank” with capital exceeding 9% will be considered compliant with all applicable regulatory capital and leverage requirements, including the capital requirements to be considered “well capitalized’ under Prompt Corrective Action statutes. The Community Bank Leverage Ratio was temporarily lowered to 8% due to the CARES Act. The rule was first available for use in the Bank’s March 31, 2020 Call Report, however, the Bank elected not to follow the framework for the new rule.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES The Bank is a party to financial instruments with off-balance The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, 2019 Fixed Rate (unaudited) Residential mortgage loans $ 5,105,500 $ 5,094,500 Commercial real estate 6,950,000 255,000 Commercial and industrial 3,991,844 3,991,844 Home equity 421,000 — Total $ 16,468,344 $ 9,341,344 March 31, December 31, 2019 Variable Rate (unaudited) Residential mortgage loans $ — $ 992,000 Commercial real estate 7,112,500 — Construction (residential) — — Home equity 175,000 977,000 Total $ 7,287,500 $ 1,969,000 Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 3.25% to 6.00% At March 31, 2020 and December 31, 2019, undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to approximately $50,493,621 and $43,225,911, respectively. At March 31, 2020 and December 31, 2019, undisbursed funds from approved lines of credit under a business line of credit program amounted to $398,700 and $421,135, respectively. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case The Bank leases certain Bank properties and equipment under operating leases. Rent expense was $9,629 and $9,000 for the three months ended March 31, 2020 and 2019, respectively.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 7 – 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 Level 2 Level 3 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 available-for-sale Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices in Significant Other Significant As of March 31, 2020 (unaudited) Securities available for sale: Corporate bonds $ 6,670,548 $ — $ 6,670,548 $ — MBSs - 6,571,661 — 6,571,661 — $ 13,242,209 $ — $ 13,242,209 $ — As of December 31, 2019 Securities available for sale: Corporate bonds $ 6,910,857 $ — $ 6,910,857 $ — MBSs - 6,837,704 — 6,837,704 — $ 13,748,561 $ — $ 13,748,561 $ — There were no transfers between level 1 and level 2 during the three months ended March 31, 2020 and December 31, 2019. The carrying amounts and estimated fair values of financial instruments, at March 31, 2020 and December 31, 2019, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2020 (unaudited) Financial instruments - Cash and due from banks $ 65,711 $ 65,711 $ 65,711 $ — $ — Investment securities held-to-maturity 51,424 52,486 — 52,486 — Loans 546,671 523,496 — — 523,496 Financial instruments - Certificates of deposit 380,809 383,629 — 383,629 — Borrowings 99,318 101,290 — 101,290 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2019 Financial instruments - Cash and due from banks $ 127,863 $ 127,863 $ 127,863 $ — $ — Investment securities held-to-maturity 56,093 56,582 — 56,582 — Loans 537,157 530,956 — — 530,956 Financial instruments - Certificates of deposit 400,181 402,513 — 402,513 — Borrowings 97,092 96,892 — 96,892 — The methods and assumptions, not previously presented, used to estimate fair values are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. The fair value of off-balance

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) as of the three months ended March 31, 2020 and 2019 is as follows: Unrealized gain and losses on available for sale Benefit Total March 31, 2020 (unaudited) Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive gain (loss) (141,430 ) 27,898 (113,532 ) Amounts reclassified — — — Net period comprehensive income (141,430 ) (27,898 ) (113,532 ) Ending balance $ (29,538 ) $ (397,659 ) $ (427,197 ) March 31, 2019 Beginning balance at January 1, 2019 $ 50,561 $ (367,680 ) $ (317,119 ) Other comprehensive (loss) gain before reclassification 13,201 — 13,201 Amounts reclassified — — — Net period comprehensive income 13,201 — 13,201 Ending balance $ 63,762 $ (367,680 ) $ (303,918 )

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
EMPLOYEE STOCK OWNERSHIP PLAN	NOTE 9 In connection with our mutual-to-stock conversion and stock offering, the Company established an employee stock ownership plan (“ESOP) which acquired 515,775 shares of the Company’s common stock equaling 4% of the shares issued, including shares issued to the Bogota Savings Bank Charitable Foundation. The ESOP is a tax-qualified retirement plan providing employees the opportunity to own Company stock. Company 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation mid-tier two-tier Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at March 31, 2020 and December 31, 2019. 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. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share in its subscription offering for gross proceeds of approximately $56.6 million and net proceeds of $54.6 million after $2.0 million of expenses . In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”
Reclassifications	Reclassifications
Earnings per Share	Earnings per Share: 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, 2020. Earnings per share were not applicable for the three months ended March 31, 2019 since there were no shares outstanding. For the three months ended March 31, 2020 Net income $ (1,337,583 ) Basic earnings per share: Weighted average shares outstanding - 10,699,272 Basic earnings per share $ (0.13 )
Use of Estimates	Use of Estimates
Risks and Uncertainties	Risks and Uncertainties COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19
Basis of Presentation	Basis of Presentation S-X the Company, The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and disclosures provided, and actual results could differ. 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.
Not yet effective Accounting Pronouncements:	Not yet effective Accounting Pronouncements: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. The new guidance will be effective for years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. Once effective, the standard will be applied using a modified retrospective transition method to the beginning of the earliest period presented. The Company does not expect adoption of the new standard to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, 2016-13 The effective date of ASU 2016-13 one-time one-time

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020. Earnings per share were not applicable for the three months ended March 31, 2019 since there were no shares outstanding. For the three months ended March 31, 2020 Net income $ (1,337,583 ) Basic earnings per share: Weighted average shares outstanding - 10,699,272 Basic earnings per share $ (0.13 )

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale	The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at March 31, 2020 and December 31, 2019: Amortized Gross Gross Fair March 31, 2020 (unaudited) Corporate bonds due in: One through five years $ 6,533,101 $ 10,026 $ (223,004 ) $ 6,320,123 Five through ten years 350,000 425 — 350,425 MBSs – residential 6,400,195 171,466 — 6,571,661 Total $ 13,283,296 $ 181,917 $ (223,004 ) $ 13,242,209 Amortized Gross Gross Fair December 31, 2019 Corporate bonds due in: Less than one year $ 499,126 $ 2,053 $ (8,405 ) $ 501,179 One through five years 6,038,217 29,709 — 6,059,521 Five through ten years 350,000 157 — 350,157 MBSs – residential 6,705,574 132,130 — 6,837,704 Total $ 13,592,917 $ 164,049 $ (8,405 ) $ 13,748,561
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, 2020 and December 31, 2019 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized March 31, 2020 (unaudited) Corporate bonds $ 2,800,348 $ (219,456 ) $ 1,004,864 $ (3,548 ) $ 3,805,212 $ (223,004 ) Total $ 2,800,348 $ (219,456 ) $ 1,004,864 $ (3,548 ) $ 3,805,212 $ (223,004 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized December 31, 2019 Corporate bonds $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Total $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 )

SECURITIES HELD TO MATURITY (Ta

SECURITIES HELD TO MATURITY (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity	The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at March 31, 2020 and December 31, 2019: Amortized Gross Gross Fair March 31, 2020 (unaudited) U.S. Government-sponsored agencies due in: One through five years $ 2,499,641 $ 3,022 $ — $ 2,502,663 Five through ten years 2,997,173 17,428 — 3,014,601 Corporate bonds due in: Five through ten years 5,437,264 139,739 (30,773 ) 5,546,230 Municipal obligations due in: One through five years 2,289,482 705 (50,690 ) 2,239,497 MBSs: Residential 9,783,047 150,399 — 9,933,446 Commercial 28,417,605 831,465 — 29,249,070 Total $ 51,424,212 $ 1,142,758 $ (81,463 ) $ 52,485,507 Amortized Gross Gross Fair December 31, 2019 U.S. Government-sponsored agencies due in: Less than one year $ 4,950,000 $ — $ (520 ) $ 4,949,480 One through five years 2,499,584 — (8,517 ) 2,491,067 Five through ten years 4,495,576 421 (5,406 ) 4,490,591 Corporate bonds due in: Five through ten years 5,436,837 112,172 — 5,549,009 Municipal obligations due in: Less than one year 909,795 3,697 — 913,492 One through five years 1,380,377 20,395 — 1,400,772 MBSs: Residential 7,820,452 76,082 (10,077 ) 7,886,457 Commercial 28,600,696 305,721 (4,984 ) 28,901,432 Total $ 56,093,317 $ 518,486 $ (29,504 ) $ 56,582,299
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 Value Unrecognized Fair Value Unrecognized March 31, 2020 (unaudited) Municipal obligations $ 288,666 $ (1,690 ) $ 1,330,831 $ (49,000 ) $ 1,619,497 $ (50,690 ) Corporate Bonds 1,403,612 (30,773 ) — — 1,403,612 (30,773 ) Total $ 1,692,278 $ (32,463 ) $ 1,330,831 $ (49,000 ) $ 3,023,109 $ (81,463 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Value Unrecognized Fair Value Unrecognized December 31, 2019 U.S. Government-sponsored agencies $ 2,991,651 $ (5,406 ) $ 7,440,548 $ (9,037 ) $ 10,432,199 $ (14,443 ) Corporate bonds — — — — — — MBSs – residential 64,672 (129 ) 1,539,406 (9,948 ) 1,604,078 (10,077 ) MBSs – commercial 2,077,669 (4,984 ) — — 2,077,669 (4,894 ) Total $ 5,133,992 $ (10,519 ) $ 8,979,954 $ (18,985 ) $ 14,113,946 $ (29,504 )

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Summary of loans receivable	Loans are summarized as follows at March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (unaudited) Real estate: Residential $ 386,494,168 $ 384,296,405 Commercial and multi-family real estate 125,023,949 119,831,813 Construction 6,808,088 5,943,594 Commercial and industrial 4,035,298 2,263,608 Consumer: Home equity and other 26,350,900 26,837,971 Total loans 548,712,403 539,173,391 Allowance for loan losses (2,041,174 ) (2,016,174 ) Net loans $ 546,671,229 $ 537,157,217
Summary of activity in the allowance for loan losses by portfolio segment	The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2020 and 2019. Residential Commercial Construction Consumer Commercial Total Three months March 31, 2020 (unaudited) Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) (72,000 ) 77,000 5,000 6,000 9,000 25,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,311,174 $ 589,000 $ 31,000 $ 92,000 $ 18,000 $ 2,041,174 March 31, 2019 (unaudited) Allowance for loan losses: Beginning balance $ 1,266,175 $ 607,000 $ 9,000 $ 89,000 $ 5,000 $ 1,976,175 Provision for loan losses (credit) 38,000 (40,000 ) 1,000 1,000 — — Loans charged off — — — — — — Recoveries 39,999 — — — — 39,999 Total ending allowance balance $ 1,344,174 $ 567,000 $ 10,000 $ 90,000 $ 5,000 $ 2,016,174
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 March : Residential Commercial Construction Consumer Commercial Total March 31, 2020 (unaudited) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,275,315 589,000 31,000 92,000 18,000 2,005,315 Total ending allowance balance $ 1,311,174 $ 589,000 $ 31,000 $ 92,000 $ 18,000 $ 2,041,174 Loans: Loans individually evaluated for impairment $ 1,235,508 $ 227,986 $ — $ 19,415 $ — $ 1,482,909 Loans collectively evaluated for impairment 385,258,660 124,795,963 6,808,088 26,331,485 4,035,298 547,229,494 Total ending loan balance $ 386,494,168 $ 125,023,949 $ 6,808,088 $ 26,350,900 $ 4,035,298 $ 548,712,403 December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,347,315 512,000 26,000 86,000 9,000 1,980,315 Total ending allowance balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Loans: Loans individually evaluated for impairment $ 1,245,071 $ 229,490 $ — $ 19,533 $ — $ 1,494,094 Loans collectively evaluated for impairment 383,051,334 119,602,323 5,943,594 26,818,438 2,263,608 537,679,297 Total ending loan balance $ 384,296,405 $ 119,831,813 $ 5,943,594 $ 26,837,971 $ 2,263,608 $ 539,173,391
Summary of impaired loans	Impaired loans as of and for the three months ended March 31, 2020 were as follows: Loans Loans Residential first mortgages $ 1,057,319 $ 178,189 Commercial and Multi-Family 227,986 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,415 — $ 1,304,720 $ 178,189 Average Amount of Residential first mortgages $ 1,061,695 $ 35,859 Commercial and Multi-Family 228,738 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,474 — $ 1,309,907 $ 35,859 Impaired loans as of and for the year ended December 31, 2019 were as follows: Loans Loans Residential first mortgages $ 1,066,071 $ 179,000 Commercial and Multi-Family 229,490 — Construction — — Commercial & Industrial — — Home equity & other consumer 19,533 — $ 1,315,094 $ 179,000 Average Amount of Residential first mortgages $ 1,237,479 $ 35,859 Commercial and Multi-Family 57,373 — Construction — — Commercial & Industrial — — Home equity & other consumer 9,816 — $ 1,304,668 $ 35,859
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 March 31, 2020 and December 31, 2019: Nonaccrual Loans Past March 31, 2020 (unaudited) Residential $ 567,320 $ — Commercial and multi-family — — Consumer 19,415 — Total $ 586,735 $ — December 31, 2019 Residential $ 570,406 $ — Commercial and multi-family — — Consumer 19,533 — Total $ 589,940 $ —
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, 2020 and December 31, 2019, by class of loans: 30-59 Days 60-89 Days Greater than 89 Total Loans Not Total March 31, 2020 (unaudited) Residential $ 626,695 $ — $ — $ 626,695 $ 385,867,473 $ 386,494,168 Commercial and multi-family — — — — 125,023,949 125,023,949 Construction — — — — 6,808,088 6,808,088 Commercial and industrial — — — — 4,035,298 4,035,298 Consumer 138,664 — — 138,664 26,212,236 26,350,900 Total $ 765,359 $ — $ — $ 765,359 $ 547,947,044 $ 548,712,403 December 31, 2019 Residential $ — $ 370,909 $ — $ 370,909 $ 383,925,496 $ 384,296,405 Commercial and multi-family — — — — 119,831,813 119,831,813 Construction — — — — 5,943,954 5,943,594 Commercial and industrial — — — — 2,263,608 2,263,608 Home Equity & Consumer 171,645 26,474 19,533 217,652 26,620,319 26,837,971 Total $ 171,645 $ 397,383 $ 19,533 $ 588,561 $ 538,584,830 $ 539,173,391
Summary of loans receivable by credit quality risk	Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Substandard Doubtful Totals March 31, 2020 (unaudited) Residential $ 385,048,278 $ 324,468 $ 1,121,422 $ — $ 386,494,168 Commercial and multi-family 123,548,298 — 1,475,651 — 125,023,949 Construction 6,808,088 — — — 6,808,088 Commercial and industrial 4,035,298 — — — 4,035,298 Consumer 26,331,485 — 19,415 — 26,350,900 Total $ 545,769,447 $ 326,468 $ 2,616,488 $ — $ 548,712,403 December 31, 2019 Residential $ 382,840,124 $ 326,089 $ 1,130,192 $ — $ 384,296,405 Commercial and multi-family 118,348,599 — 1,483,214 — 119,831,813 Construction 5,943,594 — — — 5,943,594 Commercial and industrial 2,263,608 — — — 2,263,608 Consumer 26,818,438 — 19,533 — 26,837,971 Total $ 536,214,363 $ 326,089 $ 2,632,939 $ — $ 539,173,391

REGULATORY CAPITAL MATTERS (Tab

REGULATORY CAPITAL MATTERS (Tables)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Summary of regulatory capital requirements and ratios	Actual and required capital amounts (in thousands) and ratios for the Bank are presented below at March 31, 2020 and December 31, 2019. Actual For Capital Adequacy To Be Well Capitalized (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio March 31, 2020 (unaudited): Total capital to risk weighted assets $ 127,158 28.98 % $ 35,097 8.00 % $ 43,872 10.00 % Tier 1 (Core) capital 125,116 28.52 26,323 6.00 35,097 8.00 Tier 1 Common Equity to risk weighted assets 125,116 28.52 19,742 4.50 28,516 6.50 Tier 1 (Core) capital to average assets 125,116 17.39 28,778 4.00 35,972 5.00 December 31, 2019: Total capital to risk weighted assets $ 77,308 17.76 % $ 34,831 8.00 % $ 43,539 10.00 % Tier 1 (Core) capital 75,292 17.29 26,123 6.00 34,821 8.00 Tier 1 Common Equity to risk weighted assets 75,292 17.29 19,592 4.50 28,300 6.50 Tier 1 (Core) capital to average assets 75,292 10.78 17,415 4.00 21,769 5.00

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of outstanding firm commitments	The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, 2019 Fixed Rate (unaudited) Residential mortgage loans $ 5,105,500 $ 5,094,500 Commercial real estate 6,950,000 255,000 Commercial and industrial 3,991,844 3,991,844 Home equity 421,000 — Total $ 16,468,344 $ 9,341,344 March 31, December 31, 2019 Variable Rate (unaudited) Residential mortgage loans $ — $ 992,000 Commercial real estate 7,112,500 — Construction (residential) — — Home equity 175,000 977,000 Total $ 7,287,500 $ 1,969,000

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of carrying amounts and estimated fair values of financial instruments	The carrying amounts and estimated fair values of financial instruments, at March 31, 2020 and December 31, 2019, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2020 (unaudited) Financial instruments - Cash and due from banks $ 65,711 $ 65,711 $ 65,711 $ — $ — Investment securities held-to-maturity 51,424 52,486 — 52,486 — Loans 546,671 523,496 — — 523,496 Financial instruments - Certificates of deposit 380,809 383,629 — 383,629 — Borrowings 99,318 101,290 — 101,290 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2019 Financial instruments - Cash and due from banks $ 127,863 $ 127,863 $ 127,863 $ — $ — Investment securities held-to-maturity 56,093 56,582 — 56,582 — Loans 537,157 530,956 — — 530,956 Financial instruments - Certificates of deposit 400,181 402,513 — 402,513 — Borrowings 97,092 96,892 — 96,892 —
Fair Value, Recurring
Summary of fair value, assets measured on recurring and nonrecurring basis	Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices in Significant Other Significant As of March 31, 2020 (unaudited) Securities available for sale: Corporate bonds $ 6,670,548 $ — $ 6,670,548 $ — MBSs - 6,571,661 — 6,571,661 — $ 13,242,209 $ — $ 13,242,209 $ — As of December 31, 2019 Securities available for sale: Corporate bonds $ 6,910,857 $ — $ 6,910,857 $ — MBSs - 6,837,704 — 6,837,704 — $ 13,748,561 $ — $ 13,748,561 $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Summary of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive loss included in equity (net of tax) as of the three months ended March 31, 2020 and 2019 is as follows: Unrealized gain and losses on available for sale Benefit Total March 31, 2020 (unaudited) Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive gain (loss) (141,430 ) 27,898 (113,532 ) Amounts reclassified — — — Net period comprehensive income (141,430 ) (27,898 ) (113,532 ) Ending balance $ (29,538 ) $ (397,659 ) $ (427,197 ) March 31, 2019 Beginning balance at January 1, 2019 $ 50,561 $ (367,680 ) $ (317,119 ) Other comprehensive (loss) gain before reclassification 13,201 — 13,201 Amounts reclassified — — — Net period comprehensive income 13,201 — 13,201 Ending balance $ 63,762 $ (367,680 ) $ (303,918 )

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Detail) - USD ($)	May 16, 2020	Mar. 03, 2020	Jan. 15, 2020	Mar. 31, 2020
Shares issued during period			5,657,735
Shares Issued, Price Per Share			$ 10
Proceeds from Issuance of Common Stock			$ 56,600,000	$ 7,683,507
Net Proceeds from Issuance of Common stock				54,600,000
Issuance Expenses				$ 2,000,000
Bogota Savings Bank Charitable Foundation Inc [Member] | Structure Reorganization [Member]
Shares issued during period			263,150
Payments for reorganization			$ 250,000
Bogota Financial MHC [Member] | Structure Reorganization [Member]
Shares issued during period			7,236,640
Maximum
Federal funds interest rate	0.25%	1.25%
Minimum
Federal funds interest rate	0.00%	1.00%

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, 2020	Mar. 31, 2019
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income	$ (1,337,583)	$ 361,818
Basic earnings per share:
Weighted average shares outstanding – basic	10,699,272
Basic earnings per share	$ (0.13)

SECURITIES AVAILABLE FOR SALE -

SECURITIES AVAILABLE FOR SALE - Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost	$ 13,283,296	$ 13,592,917
Gross Unrealized Gains	181,917	164,049
Gross Unrealized Losses	(223,004)	(8,405)
Fair Value	13,242,209	13,748,561
Corporate Debt Securities
Corporate bonds due in Less than one year, Amortized Cost		499,126
Corporate bonds due in One through five years, Amortized Cost	6,533,101	6,038,217
Corporate bonds due in Five through ten, Amortized Cost	350,000	350,000
Corporate bonds due in Less than one year, Gross Unrealized Gains		2,053
Corporate bonds due in One through five years, Gross Unrealized Gains	10,026	29,709
Corporate bonds due in Five through ten years, Gross Unrealized Gains	425	157
Corporate bonds due in Less than one year,, Gross Unrealized Losses		(8,405)
Corporate bonds due in One through five years, Gross Unrealized Losses	(223,004)
Corporate bonds due in Less than one year, Fair Value		501,179
Corporate bonds due in One through five years, Fair Value	6,320,123	6,059,521
Corporate bonds due in Five through ten years, Fair Value	350,425	350,157
Residential Mortgage Backed Securities
Amortized Cost	6,400,195	6,705,574
Gross Unrealized Gains	171,466	132,130
Fair Value	$ 6,571,661	$ 6,837,704

SECURITIES AVAILABLE FOR SALE_2

SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Less Than 12 Months	$ 2,800,348	$ 1,010,399
Unrealized Losses, Less Than 12 Months	(219,456)	(2,883)
Fair Value, 12 Months or More	1,004,864	1,003,516
Unrealized Losses, 12 Months or More	(3,548)	(5,522)
Fair Value, Total	3,805,212	2,013,915
Unrealized Losses, Total	(223,004)	(8,405)
Corporate Debt Securities
Fair Value, Less Than 12 Months	2,800,348	1,010,399
Unrealized Losses, Less Than 12 Months	(219,456)	(2,883)
Fair Value, 12 Months or More	1,004,864	1,003,516
Unrealized Losses, 12 Months or More	(3,548)	(5,522)
Fair Value, Total	3,805,212	2,013,915
Unrealized Losses, Total	$ (223,004)	$ (8,405)

SECURITIES AVAILABLE FOR SALE_3

SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest – bearing deposits in other | Collateral Pledged
Debt securities, available-for-sale, restricted	$ 249,035		$ 261,165
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Sales of available-for-sale securities	$ 0	$ 0

SECURITIES HELD TO MATURITY - S

SECURITIES HELD TO MATURITY - Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 51,424,212	$ 56,093,317
Gross Unrealized Gains	1,142,758	518,486
Debt Securities Held-to-maturity Maturities within One Year, Accumulated Unrecognized Loss
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Gross Unrealized Loss
Gross Unrealized Losses	(81,463)	(29,504)
Fair Value	52,485,507	56,582,299
US Government-sponsored Enterprises Debt Securities
Marketable Securities [Line Items]
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost		4,950,000
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost	2,499,641	2,499,584
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost	2,997,173	4,495,576
Debt Securities Held-to-maturity Maturities After One Through Five Years Accumulated Unrecognized Gain	3,022
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Gross Unrealized Gains	17,428	421
Debt Securities Held-to-maturity Maturities within One Year, Accumulated Unrecognized Loss		(520)
Debt Securities Held-to-maturity Maturities After One Through Five Years Accumulated Unrecognized Loss		(8,517)
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Gross Unrealized Loss		(5,406)
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value		4,949,480
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value	2,502,663	2,491,067
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value	3,014,601	4,490,591
Corporate Debt Securities
Marketable Securities [Line Items]
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost	5,437,264	5,436,837
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Gross Unrealized Gains	139,739	112,172
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Gross Unrealized Loss	(30,773)
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value	5,546,230	5,549,009
US States and Political Subdivisions Debt Securities
Marketable Securities [Line Items]
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost		909,795
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost	2,289,482	1,380,377
Debt Securities Held-to-maturity Maturities within One Year, Accumulated Unrecognized Gain		3,697
Debt Securities Held-to-maturity Maturities After One Through Five Years Accumulated Unrecognized Gain	705	20,395
Debt Securities Held-to-maturity Maturities After One Through Five Years Accumulated Unrecognized Loss	(50,690)
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value		913,492
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value	2,239,497	1,400,772
Residential Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	9,783,047	7,820,452
Gross Unrealized Gains	150,399	76,082
Gross Unrealized Losses		(10,077)
Fair Value	9,933,446	7,886,457
Commercial Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	28,417,605	28,600,696
Gross Unrealized Gains	831,465	305,721
Gross Unrealized Losses		(4,984)
Fair Value	$ 29,249,070	$ 28,901,432

SECURITIES HELD TO MATURITY -

SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	$ 1,692,278	$ 5,133,992
Unrealized Losses, Less Than 12 Months	(32,463)	(10,519)
Fair Value, 12 Months or More	1,330,831	8,979,954
Unrealized Losses, 12 Months or More	(49,000)	(18,985)
Fair Value, Total	3,023,109	14,113,946
Unrealized Losses, Total	(81,463)	(29,504)
U.S. Government-sponsored agencies [Member]
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months		2,991,651
Unrealized Losses, Less Than 12 Months		(5,406)
Fair Value, 12 Months or More		7,440,548
Unrealized Losses, 12 Months or More		(9,037)
Fair Value, Total		10,432,199
Unrealized Losses, Total		(14,443)
Corporate bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months
Unrealized Losses, Less Than 12 Months
Fair Value, Total	1,403,612
Unrealized Losses, Total	(30,773)
Municipal obligations
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	288,666
Unrealized Losses, Less Than 12 Months	(1,690)
Fair Value, 12 Months or More	1,330,831
Unrealized Losses, 12 Months or More	(49,000)
Fair Value, Total	1,619,497
Unrealized Losses, Total	$ (50,690)
MBSs – residential
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months		64,672
Unrealized Losses, Less Than 12 Months		(129)
Fair Value, 12 Months or More		1,539,406
Unrealized Losses, 12 Months or More		(9,948)
Fair Value, Total		1,604,078
Unrealized Losses, Total		(10,077)
MBSs – commercial
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months		2,077,669
Unrealized Losses, Less Than 12 Months		(4,984)
Fair Value, Total
Unrealized Losses, Total		$ (4,894)

SECURITIES HELD TO MATURITY - A

SECURITIES HELD TO MATURITY - Additional Information (Detail) - Collateral Pledged - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Federal Funds Purchased and Securities Sold under Agreements to Repurchase
Debt securities, held to maturity, restricted	$ 14,184,163	$ 14,392,143
Interest-bearing Deposits
Debt securities, held to maturity, restricted	$ 4,091,000	$ 4,429,954

LOANS - Summary of loans receiv

LOANS - Summary of loans receivable (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Total loans	$ 548,712,403	$ 539,173,391
Allowance for loan losses	(2,041,174)	(2,016,174)	$ (2,016,174)	$ (1,976,175)
Net loans	546,671,229	537,157,217
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	4,035,298	2,263,608
Allowance for loan losses	(18,000)	(9,000)	(5,000)	(5,000)
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	26,350,900	26,837,971
Allowance for loan losses	(92,000)	(86,000)	(90,000)	(89,000)
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	386,494,168	384,296,405
Allowance for loan losses	(1,311,174)	(1,383,174)	(1,344,174)	(1,266,175)
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	125,023,949	119,831,813
Allowance for loan losses	(589,000)	(512,000)	(567,000)	(607,000)
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	6,808,088	5,943,594
Allowance for loan losses	(31,000)	(26,000)	$ (10,000)	$ (9,000)
Home equity and other | Consumer
Financing Receivable, Past Due [Line Items]
Total loans	$ 26,350,900	$ 26,837,971

LOANS - Summary of activity in

LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 2,016,174	$ 1,976,175
Provision for loan losses (credit)	25,000
Recoveries		39,999
Ending balance	2,041,174	2,016,174
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Beginning balance	1,383,174	1,266,175
Provision for loan losses (credit)	(72,000)	38,000
Recoveries		39,999
Ending balance	1,311,174	1,344,174
Commercial Real Estate Portfolio Segment | Commercial and Multi- Family Real Estate
Financing Receivable, Past Due [Line Items]
Beginning balance	512,000	607,000
Provision for loan losses (credit)	77,000	(40,000)
Ending balance	589,000	567,000
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Beginning balance	26,000	9,000
Provision for loan losses (credit)	5,000	1,000
Ending balance	31,000	10,000
Consumer
Financing Receivable, Past Due [Line Items]
Beginning balance	86,000	89,000
Provision for loan losses (credit)	6,000	1,000
Ending balance	92,000	90,000
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Beginning balance	9,000	5,000
Provision for loan losses (credit)	9,000
Ending balance	$ 18,000	$ 5,000

LOANS - Summary of allowance f

LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	$ 35,859	$ 35,859
Collectively evaluated for impairment	2,005,315	1,980,315
Total ending allowance balance	2,041,174	2,016,174	$ 2,016,174	$ 1,976,175
Loans individually evaluated for impairment	1,482,909	1,494,094
Loans collectively evaluated for impairment	547,229,494	537,679,297
Total ending loans balance	548,712,403	539,173,391
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	35,859	35,859
Collectively evaluated for impairment	1,275,315	1,347,315
Total ending allowance balance	1,311,174	1,383,174	1,344,174	1,266,175
Loans individually evaluated for impairment	1,235,508	1,245,071
Loans collectively evaluated for impairment	385,258,660	383,051,334
Total ending loans balance	386,494,168	384,296,405
Commercial Real Estate Portfolio Segment | Commercial and Multi- Family Real Estate
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	589,000	512,000
Total ending allowance balance	589,000	512,000	567,000	607,000
Loans individually evaluated for impairment	227,986	229,490
Loans collectively evaluated for impairment	124,795,963	119,602,323
Total ending loans balance	125,023,949	119,831,813
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	31,000	26,000
Total ending allowance balance	31,000	26,000	10,000	9,000
Loans collectively evaluated for impairment	6,808,088	5,943,594
Total ending loans balance	6,808,088	5,943,594
Consumer
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	92,000	86,000
Total ending allowance balance	92,000	86,000	90,000	89,000
Loans individually evaluated for impairment	19,415	19,533
Loans collectively evaluated for impairment	26,331,485	26,818,438
Total ending loans balance	26,350,900	26,837,971
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	18,000	9,000
Total ending allowance balance	18,000	9,000	$ 5,000	$ 5,000
Loans collectively evaluated for impairment	4,035,298	2,263,608
Total ending loans balance	$ 4,035,298	$ 2,263,608

LOANS - Summary of impaired loa

LOANS - Summary of impaired loans (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	$ 1,304,720	$ 1,315,094
Loans with an allowance recorded	178,189	179,000
Average of individually impaired loans	1,309,907	1,304,668
Amount of the allowance for loan losses allocated	35,859	35,859
Residential First Mortgage | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	1,057,319	1,066,071
Loans with an allowance recorded	178,189	179,000
Average of individually impaired loans	1,061,695	1,237,479
Amount of the allowance for loan losses allocated	35,859	35,859
Commercial and Multi- Family Real Estate | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	227,986	229,490
Average of individually impaired loans	228,738	57,373
Home equity & other consumer | Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	19,415	19,533
Average of individually impaired loans	$ 19,474	$ 9,816

LOANS - Summary of recorded inv

LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 586,735	$ 589,940
Residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	567,320	570,406
Consumer
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 19,415	$ 19,533

LOANS - Summary of aging of loa

LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 765,359	$ 588,561
Loans Not Past Due	547,947,044	538,584,830
Total	548,712,403	539,173,391
Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	138,664
Loans Not Past Due	26,212,236
Total	26,350,900	26,837,971
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	4,035,298	2,263,608
Total	4,035,298	2,263,608
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	626,695	370,909
Loans Not Past Due	385,867,473	383,925,496
Total	386,494,168	384,296,405
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	125,023,949	119,831,813
Total	125,023,949	119,831,813
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	6,808,088	5,943,954
Total	6,808,088	5,943,594
Home Equity & Consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		217,652
Loans Not Past Due		26,620,319
Total	26,350,900	26,837,971
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	765,359	171,645
30-59 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	138,664
30-59 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 626,695
30-59 Days Past Due | Home Equity & Consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		171,645
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due		397,383
60-89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due		370,909
60-89 Days Past Due | Home Equity & Consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		26,474
Greater than 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due		19,533
Greater than 89 Days Past Due | Home Equity & Consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		$ 19,533

LOANS - Summary of loans rece_2

LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total	$ 548,712,403	$ 539,173,391
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total	4,035,298	2,263,608
Consumer
Financing Receivable, Past Due [Line Items]
Total	26,350,900	26,837,971
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	386,494,168	384,296,405
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	125,023,949	119,831,813
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	6,808,088	5,943,594
Pass
Financing Receivable, Past Due [Line Items]
Total	545,769,447	536,214,363
Pass | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total	4,035,298	2,263,608
Pass | Consumer
Financing Receivable, Past Due [Line Items]
Total	26,331,485	26,818,438
Pass | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	385,048,278	382,840,124
Pass | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	123,548,298	118,348,599
Pass | Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	6,808,088	5,943,594
Special Mention
Financing Receivable, Past Due [Line Items]
Total	326,468	326,089
Special Mention | Consumer
Financing Receivable, Past Due [Line Items]
Total		0
Special Mention | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	324,468	326,089
Substandard
Financing Receivable, Past Due [Line Items]
Total	2,616,488	2,632,939
Substandard | Consumer
Financing Receivable, Past Due [Line Items]
Total	19,415	19,533
Substandard | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	1,121,422	1,130,192
Substandard | Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	$ 1,475,651	$ 1,483,214

LOANS - Additional Information

LOANS - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)
Financing Receivable, Past Due [Line Items]
Loans receivable from related parties	$ 772,099	$ 779,790
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Loan	1
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 178,189	179,000
Loans with a allowance recorded	35,859	35,859
Commercial Real Estate Portfolio Segment | Residential
Financing Receivable, Past Due [Line Items]
Troubled debt restructured loans	1,241,109	1,250,741
Impaired Financing Receivable, with Related Allowance, Recorded Investment	178,189	179,000
Specific reserve for troubled debt restructured loans	35,859
Loans with a allowance recorded	$ 35,859	$ 35,859

REGULATORY CAPITAL MATTERS - Su

REGULATORY CAPITAL MATTERS - Summary of required capital amounts (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Banking and Thrift [Abstract]
Total capital to risk weighted assets, Actual Amount	$ 127,158	$ 77,308
Tier 1 (Core) capital, Actual Amount	125,116	75,292
Tier 1 Common Equity to risk weighted assets, Actual Amount	125,116	75,292
Tier 1 (Core) capital to average assets, Actual Amount	$ 125,116	$ 75,292
Total capital to risk weighted assets, Actual Ratio	28.98%	17.76%
Tier 1 (Core) capital, Actual Ratio	28.52%	17.29%
Tier 1 Common Equity to risk weighted assets, Actual Ratio	28.52%	17.29%
Tier 1 (Core) capital to average assets, Actual Ratio	17.39%	10.78%
Total capital to risk weighted assets, For Capital Adequacy Purposes Amount	$ 35,097	$ 34,831
Tier 1 (Core) capital, For Capital Adequacy Purposes Amount	26,323	26,123
Tier 1 Common Equity to risk weighted assets, For Capital Adequacy Purposes Amount	19,742	19,592
Tier 1 (Core) capital to average assets, For Capital Adequacy Purposes Amount	$ 28,778	$ 17,415
Total capital to risk weighted assets, For Capital Adequacy Purposes Ratio	8.00%	8.00%
Tier 1 (Core) capital, For Capital Adequacy Purposes Ratio	6.00%	6.00%
Tier 1 Common Equity to risk weighted assets, For Capital Adequacy Purposes Ratio	4.50%	4.50%
Tier 1 (Core) capital to average assets, For Capital Adequacy Purposes Ratio	4.00%	4.00%
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 43,872	$ 43,539
Tier 1 (Core) capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	35,097	34,821
Tier 1 Common Equity to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	28,516	28,300
Tier 1 (Core) capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 35,972	$ 21,769
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Tier 1 (Core) capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Tier 1 Common Equity to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%	6.50%
Tier 1 (Core) capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%

REGULATORY CAPITAL MATTERS - Ad

REGULATORY CAPITAL MATTERS - Additional Information (Detail)	Mar. 31, 2020	Dec. 31, 2019
Tier 1 Common equity to risk weighted assets	6.50%	6.50%
Tier 1 capital to risk weighted assets	8.00%	8.00%
Total capital to risk weighted assets	10.00%	10.00%
Percentage of capital buffer	2.50%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fixed Rate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	$ 16,468,344	$ 9,341,344
Fixed Rate | Residential mortgage loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	5,105,500	5,094,500
Fixed Rate | Commercial real estate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	6,950,000	255,000
Fixed Rate | Commercial and industrial
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	3,991,844	3,991,844
Fixed Rate | Home equity loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	421,000
Variable Rate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	7,287,500	1,969,000
Variable Rate | Residential mortgage loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments		992,000
Variable Rate | Commercial real estate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	7,112,500
Variable Rate | Home equity loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	$ 175,000	$ 977,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Commitments and contingencies [Line Items]
Operating leases, rent expense	$ 9,629	$ 9,000
Home Equity Loan
Commitments and contingencies [Line Items]
Undisbursed loan funds	50,493,621		$ 43,225,911
Business Line Of Credit
Commitments and contingencies [Line Items]
Undisbursed loan funds	$ 398,700		$ 421,135
Minimum
Commitments and contingencies [Line Items]
Interest rate	3.25%
Maturity term	10 years
Maximum
Commitments and contingencies [Line Items]
Interest rate	6.00%
Maturity term	30 years

FAIR VALUE - Summary of assets

FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 13,242,209	$ 13,748,561
MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,571,661	6,837,704
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	13,242,209	13,748,561
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,670,548	6,910,857
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,571,661	6,837,704
Fair Value, Recurring Basis | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	13,242,209	13,748,561
Fair Value, Recurring Basis | Carrying Value | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,670,548	6,910,857
Fair Value, Recurring Basis | Carrying Value | MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 6,571,661	$ 6,837,704

FAIR VALUE - Summary of carryin

FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Financial instruments - assets
Cash and cash equivalents, fair value disclosure	$ 65,711,000	$ 127,863,000
Investment securities held-to-maturity	52,485,507	56,582,299
Loans	523,496,000	530,956,000
Financial instruments - liabilities
Certificates of deposit	383,629,000	402,513,000
Borrowings	101,290,000	96,892,000
Fair Value Measurement Placement (Level 1)
Financial instruments - assets
Cash and cash equivalents, fair value disclosure	65,711,000	127,863,000
Fair Value Measurement Placement (Level 2)
Financial instruments - assets
Investment securities held-to-maturity	52,486,000	56,582,000
Financial instruments - liabilities
Certificates of deposit	383,629,000	402,513,000
Borrowings	101,290,000	96,892,000
Fair Value Measurement Placement (Level 3)
Financial instruments - assets
Loans	523,496,000	530,956,000
Carrying Value
Financial instruments - assets
Cash and cash equivalents, fair value disclosure	65,711,000	127,863,000
Investment securities held-to-maturity	51,424,000	56,093,000
Loans	546,671,000	537,157,000
Financial instruments - liabilities
Certificates of deposit	380,809,000	400,181,000
Borrowings	$ 99,318,000	$ 97,092,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 74,977,847	$ 72,477,768
Net period comprehensive income	(1,451,115)	375,019
Ending balance	124,689,370	72,852,787
Unrealized gain and losses on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	111,892	50,561
Other comprehensive gain (loss)	(141,430)
Other comprehensive (loss) gain before reclassification		13,201
Net period comprehensive income	(141,430)	13,201
Ending balance	(29,538)	63,762
Benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(425,557)	(367,680)
Other comprehensive gain (loss)	27,898
Net period comprehensive income	(27,898)
Ending balance	(397,659)	(367,680)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(313,665)	(317,119)
Other comprehensive gain (loss)	(113,532)
Other comprehensive (loss) gain before reclassification		13,201
Net period comprehensive income	(113,532)	13,201
Ending balance	$ (427,197)	$ (372,631)

EMPLOYEE STOCK OWNERSHIP PLAN -

EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail)	Mar. 31, 2020shares
Share-based Payment Arrangement [Abstract]
ESOP shares issued	515,775
ESOP percentage of shares issued	4.00%
ESOP, Number of shares to be allocated	25,789