Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 10, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001787414 | |
Entity Registrant Name | Bogota Financial Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39180 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 84-3501231 | |
Entity Address, Address Line One | 819 Teaneck Road | |
Entity Address, City or Town | Teaneck | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07666 | |
City Area Code | 201 | |
Local Phone Number | 862-0660 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | BSBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,327,266 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 7,213,903 | $ 8,160,028 |
Interest-bearing deposits in other banks | 17,763,418 | 8,680,889 |
Cash and cash equivalents | 24,977,321 | 16,840,917 |
Securities available for sale, at fair value | 68,518,624 | 85,100,578 |
Securities held to maturity (fair value of $57,033,705 and $70,699,651, respectively) | 65,927,156 | 77,427,309 |
Loans, net of allowance of $2,785,949 and $2,578,174, respectively | 710,292,859 | 719,025,762 |
Premises and equipment, net | 7,765,804 | 7,884,335 |
Federal Home Loan Bank (FHLB) stock and other restricted securities | 7,158,400 | 5,490,900 |
Accrued interest receivable | 3,672,882 | 3,966,651 |
Core deposit intangibles | 220,661 | 267,272 |
Bank-owned life insurance | 30,780,398 | 30,206,325 |
Other assets | 7,714,828 | 4,888,954 |
Total Assets | 927,028,933 | 951,099,003 |
Liabilities and Equity | ||
Non-interest bearing deposits | 33,420,666 | 38,653,349 |
Interest bearing deposits | 611,857,823 | 662,758,100 |
Total deposits | 645,278,489 | 701,411,449 |
FHLB advances-short term | 39,000,000 | 59,000,000 |
FHLB advances-long term | 96,314,543 | 43,319,254 |
Advance payments by borrowers for taxes and insurance | 3,460,726 | 3,174,661 |
Other liabilities | 5,321,920 | 4,534,516 |
Total liabilities | 789,375,678 | 811,439,880 |
Stockholders’ Equity | ||
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock $0.01 par value, 30,000,000 shares authorized, 13,373,766 issued and outstanding at September 30, 2023 and 13,699,016 at December 31, 2022 | 133,737 | 136,989 |
Additional paid-in capital | 56,688,749 | 59,099,476 |
Retained earnings | 93,354,828 | 91,756,673 |
Unearned ESOP shares (416,491 shares at September 30, 2023 and 436,945 shares at December 31, 2022) | (4,897,099) | (5,123,002) |
Accumulated other comprehensive loss | (7,626,960) | (6,211,013) |
Total stockholders’ equity | 137,653,255 | 139,659,123 |
Total liabilities and stockholders’ equity | $ 927,028,933 | $ 951,099,003 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Securities held to maturity, fair value | $ 57,033,705 | $ 70,699,651 |
Loans, allowance for credit loss | $ 2,785,949 | $ 2,578,174 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 13,373,766 | 13,699,016 |
Common stock, outstanding (in shares) | 13,373,766 | 13,699,016 |
Unearned ESOP shares outstanding (in shares) | 416,491 | 436,945 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income | ||||
Loans, including fees | $ 7,980,388 | $ 7,018,200 | $ 23,821,545 | $ 18,403,802 |
Securities | ||||
Taxable | 994,791 | 1,013,034 | 3,042,389 | 2,582,869 |
Tax-exempt | 13,159 | 48,027 | 78,293 | 115,305 |
Other interest-earning assets | 301,081 | 96,139 | 771,584 | 263,634 |
Total interest income | 9,289,419 | 8,175,400 | 27,713,811 | 21,365,610 |
Interest expense | ||||
Deposits | 4,851,926 | 1,249,693 | 12,777,907 | 2,925,685 |
FHLB advances | 1,220,166 | 716,705 | 2,900,359 | 1,402,741 |
Total interest expense | 6,072,092 | 1,966,398 | 15,678,266 | 4,328,426 |
Net interest income | 3,217,327 | 6,209,002 | 12,035,545 | 17,037,184 |
Provision (recovery) for credit losses | 0 | 175,000 | (125,000) | 275,000 |
Net interest income after provision (recovery) for credit losses | 3,217,327 | 6,034,002 | 12,160,545 | 16,762,184 |
Non-interest income | ||||
Fees and service charges | 61,529 | 47,090 | 159,381 | 136,886 |
Gain on sale of loans | 0 | 0 | 29,375 | 86,913 |
Bank-owned life insurance | 197,873 | 185,085 | 574,073 | 510,527 |
Other | 30,332 | 37,336 | 93,660 | 133,325 |
Total non-interest income | 289,734 | 269,511 | 856,489 | 867,651 |
Non-interest expense | ||||
Salaries and employee benefits | 2,274,347 | 2,154,654 | 6,737,952 | 6,316,898 |
Occupancy and equipment | 372,626 | 347,036 | 1,114,170 | 1,033,846 |
FDIC insurance assessment | 132,571 | 54,000 | 319,690 | 162,000 |
Data processing | 205,721 | 311,106 | 717,913 | 920,293 |
Advertising | 126,000 | 156,145 | 369,383 | 368,435 |
Director fees | 159,336 | 189,424 | 478,011 | 607,749 |
Professional fees | 149,251 | 163,500 | 412,519 | 459,253 |
Other | 241,530 | 262,890 | 661,300 | 905,428 |
Total non-interest expense | 3,661,382 | 3,638,755 | 10,810,938 | 10,773,902 |
(Loss) income before income taxes | (154,321) | 2,664,758 | 2,206,096 | 6,855,933 |
Income tax (benefit) expense | (125,268) | 734,152 | 385,801 | 1,882,423 |
Net (loss) income | $ (29,053) | $ 1,930,606 | $ 1,820,295 | $ 4,973,510 |
Basic (in dollars per share) | $ 0 | $ 0.14 | $ 0.14 | $ 0.36 |
Diluted (in dollars per share) | $ 0 | $ 0.14 | $ 0.14 | $ 0.36 |
Weighted average shares outstanding - basic (in shares) | 13,037,903 | 13,468,751 | 13,103,951 | 13,661,851 |
Weighted average shares outstanding - diluted (in shares) | 13,037,903 | 13,529,857 | 13,103,951 | 13,704,688 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income | $ (29,053) | $ 1,930,606 | $ 1,820,295 | $ 4,973,510 |
Other comprehensive (loss) income: | ||||
Net unrealized loss on securities available for sale: | (1,594,912) | (316,044) | (2,456,233) | (9,416,506) |
Net unrealized loss on securities available for sale, tax effect | 448,330 | 88,840 | 690,448 | 2,646,981 |
Net unrealized loss on securities available for sale, net of tax | (1,146,582) | (227,204) | (1,765,785) | (6,769,525) |
Defined benefit retirement plans: | ||||
Reclassification adjustment for amortization of prior service cost and net (loss) gain included in salaries and employee benefits | (23,016) | 57,850 | (69,048) | 173,550 |
Reclassification adjustment for amortization of prior service cost and net loss included in salaries and employee benefits, tax effect | 6,470 | (16,261) | 19,410 | (48,783) |
Reclassification adjustment for amortization of prior service cost and net loss included in salaries and employee benefits, net of tax | (16,546) | 41,589 | (49,638) | 124,767 |
Derivatives: | ||||
Unrealized gain on swap contracts accounted for as cash flow hedges | 257,333 | 364,332 | 555,677 | 364,332 |
Unrealized gain on swap contracts accounted for as cash flow hedges, tax effect | (72,336) | (102,414) | (156,201) | (102,414) |
Unrealized gain on swap contracts accounted for as cash flow hedges, net of tax | 184,997 | 261,918 | 399,476 | 261,918 |
Total other comprehensive (loss) income | (978,131) | 76,303 | (1,415,947) | (6,382,840) |
Comprehensive income (loss) income | $ (1,007,184) | $ 2,006,909 | $ 404,348 | $ (1,409,330) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Unearned ESOP Shares [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 14,605,809 | |||||||||||
Balance at Dec. 31, 2021 | $ 146,057 | $ 68,247,204 | $ 84,879,812 | $ (5,424,206) | $ (272,656) | $ 147,576,211 | ||||||
Net (loss) income | 0 | 0 | 1,400,897 | 0 | 0 | 1,400,897 | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (2,358,399) | (2,358,399) | ||||||
Stock based compensation | $ 0 | 233,193 | 0 | 0 | 0 | 233,193 | ||||||
Stock purchased and retired (in shares) | (180,501) | |||||||||||
Stock purchased and retired | $ (1,805) | (1,890,310) | 0 | 0 | 0 | (1,892,115) | ||||||
ESOP Shares released | $ 0 | (9,156) | 0 | 75,301 | 0 | 66,145 | ||||||
Balance (in shares) at Mar. 31, 2022 | 14,425,308 | |||||||||||
Balance at Mar. 31, 2022 | $ 144,252 | 66,580,931 | 86,280,709 | (5,348,905) | (2,631,055) | 145,025,932 | ||||||
Balance (in shares) at Dec. 31, 2021 | 14,605,809 | |||||||||||
Balance at Dec. 31, 2021 | $ 146,057 | 68,247,204 | 84,879,812 | (5,424,206) | (272,656) | 147,576,211 | ||||||
Net (loss) income | 4,973,510 | |||||||||||
Other comprehensive income (loss) | (6,382,840) | |||||||||||
Balance (in shares) at Sep. 30, 2022 | 14,059,388 | |||||||||||
Balance at Sep. 30, 2022 | $ 140,593 | 62,978,243 | 89,853,322 | (5,198,303) | (6,655,496) | 141,118,359 | ||||||
Balance (in shares) at Mar. 31, 2022 | 14,425,308 | |||||||||||
Balance at Mar. 31, 2022 | $ 144,252 | 66,580,931 | 86,280,709 | (5,348,905) | (2,631,055) | 145,025,932 | ||||||
Net (loss) income | 0 | 0 | 1,642,007 | 0 | 0 | 1,642,007 | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (4,100,744) | (4,100,744) | ||||||
Stock based compensation | $ 0 | 233,193 | 0 | 0 | 0 | 233,193 | ||||||
Stock purchased and retired (in shares) | (217,448) | |||||||||||
Stock purchased and retired | $ (2,174) | (2,407,889) | 0 | 0 | 0 | (2,410,063) | ||||||
ESOP Shares released | $ 0 | (4,832) | 0 | 75,301 | 0 | 70,469 | ||||||
Balance (in shares) at Jun. 30, 2022 | 14,207,860 | |||||||||||
Balance at Jun. 30, 2022 | $ 142,078 | 64,401,403 | 87,922,716 | (5,273,604) | (6,731,799) | 140,460,794 | ||||||
Net (loss) income | 0 | 0 | 1,930,606 | 0 | 0 | 1,930,606 | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 76,303 | 76,303 | ||||||
Stock based compensation | $ 0 | 233,193 | 0 | 0 | 0 | 233,193 | ||||||
Stock purchased and retired (in shares) | (148,472) | |||||||||||
Stock purchased and retired | $ (1,485) | (1,652,461) | 0 | 0 | 0 | (1,653,946) | ||||||
ESOP Shares released | $ 0 | (3,892) | 0 | 75,301 | 0 | 71,409 | ||||||
Balance (in shares) at Sep. 30, 2022 | 14,059,388 | |||||||||||
Balance at Sep. 30, 2022 | $ 140,593 | 62,978,243 | 89,853,322 | (5,198,303) | (6,655,496) | 141,118,359 | ||||||
Balance (in shares) (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | 0 | |||||||||||
Balance (in shares) at Dec. 31, 2022 | 13,699,016 | |||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (222,140) | $ 0 | $ 0 | $ (222,140) | ||||||
Balance at Dec. 31, 2022 | $ 136,989 | 59,099,476 | 91,756,673 | (5,123,002) | (6,211,013) | 139,659,123 | ||||||
Net (loss) income | 0 | 0 | 992,707 | 0 | 0 | 992,707 | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (246,175) | (246,175) | ||||||
Stock based compensation | $ 0 | 233,193 | 0 | 0 | 0 | 233,193 | ||||||
Stock purchased and retired (in shares) | (126,660) | |||||||||||
Stock purchased and retired | $ (1,266) | (1,401,568) | 0 | 0 | 0 | (1,402,834) | ||||||
ESOP Shares released | $ 0 | (2,916) | 0 | 75,301 | 0 | 72,385 | ||||||
Balance (in shares) at Mar. 31, 2023 | 13,572,356 | |||||||||||
Balance at Mar. 31, 2023 | $ 135,723 | 57,928,185 | 92,527,240 | (5,047,701) | (6,457,188) | 139,086,259 | ||||||
Balance (in shares) (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | 0 | |||||||||||
Balance (in shares) at Dec. 31, 2022 | 13,699,016 | |||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (222,140) | $ 0 | $ 0 | $ (222,140) | ||||||
Balance at Dec. 31, 2022 | $ 136,989 | 59,099,476 | 91,756,673 | (5,123,002) | (6,211,013) | 139,659,123 | ||||||
Net (loss) income | 1,820,295 | |||||||||||
Other comprehensive income (loss) | (1,415,947) | |||||||||||
Balance (in shares) at Sep. 30, 2023 | 13,373,766 | |||||||||||
Balance at Sep. 30, 2023 | $ 133,737 | 56,688,749 | 93,354,828 | (4,897,099) | (7,626,960) | 137,653,255 | ||||||
Balance (in shares) at Mar. 31, 2023 | 13,572,356 | |||||||||||
Balance at Mar. 31, 2023 | $ 135,723 | 57,928,185 | 92,527,240 | (5,047,701) | (6,457,188) | 139,086,259 | ||||||
Net (loss) income | 0 | 0 | 856,641 | 0 | 0 | 856,641 | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (191,641) | (191,641) | ||||||
Stock based compensation | $ 0 | 233,193 | 0 | 0 | 0 | 233,193 | ||||||
Stock purchased and retired (in shares) | (89,899) | |||||||||||
Stock purchased and retired | $ (899) | (839,563) | 0 | 0 | 0 | (840,462) | ||||||
ESOP Shares released | $ 0 | (20,813) | 0 | 75,301 | 0 | 54,488 | ||||||
Balance (in shares) at Jun. 30, 2023 | 13,482,457 | |||||||||||
Balance at Jun. 30, 2023 | $ 134,824 | 57,301,002 | 93,383,881 | (4,972,400) | (6,648,829) | 139,198,478 | ||||||
Net (loss) income | 0 | 0 | (29,053) | 0 | 0 | (29,053) | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (978,131) | (978,131) | ||||||
Stock based compensation | $ 0 | 233,193 | 0 | 0 | 0 | 233,193 | ||||||
Stock purchased and retired (in shares) | (108,691) | |||||||||||
Stock purchased and retired | $ (1,087) | (821,172) | 0 | 0 | 0 | (822,259) | ||||||
ESOP Shares released | $ 0 | (24,274) | 0 | 75,301 | 0 | 51,027 | ||||||
Balance (in shares) at Sep. 30, 2023 | 13,373,766 | |||||||||||
Balance at Sep. 30, 2023 | $ 133,737 | $ 56,688,749 | $ 93,354,828 | $ (4,897,099) | $ (7,626,960) | $ 137,653,255 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
ESOP Shares released, shares (in shares) | 25,789 | 25,789 | 25,789 | 25,789 | 25,789 | 25,789 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net (loss) income | $ 1,820,295 | $ 4,973,510 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible assets | (53,081) | (163,818) |
Provision (recovery) for credit losses | (125,000) | 275,000 |
Depreciation of premises and equipment | 383,136 | 358,290 |
Amortization (accretion) of deferred loan (fees) costs, net | 97,891 | (78,649) |
Amortization of premiums and accretion of discounts on securities, net | 4,541 | 38,625 |
Deferred income tax (benefit) expense | (111,594) | 201,580 |
Gain on sale of loans | (29,375) | (86,913) |
Proceeds from sale of loans | 1,875,125 | 4,640,081 |
Origination of loans held for sale | (1,845,750) | (3,400,668) |
Increase in cash surrender value of bank owned life insurance | (574,073) | (497,830) |
Employee stock ownership plan expense | 177,900 | 208,023 |
Stock based compensation | 699,579 | 699,579 |
Changes in: | ||
Accrued interest receivable | 293,769 | (698,724) |
Net changes in other assets | (1,518,086) | 1,939,009 |
Net changes in other liabilities | 566,354 | 670,602 |
Net cash provided by operating activities | 1,661,631 | 9,077,697 |
Cash flows from investing activities | ||
Purchases of securities held to maturity | (1,000,000) | (23,120,238) |
Purchases of securities available for sale | 0 | (69,461,181) |
Maturities, calls, and repayments of securities available for sale | 14,121,182 | 13,753,509 |
Maturities, calls, and repayments of securities held to maturity | 12,500,153 | 13,044,952 |
Net decrease (increase) in loans | 8,637,206 | (137,038,853) |
Purchase of Bank Owned Life Insurance | 0 | (5,000,000) |
Purchases of premises and equipment | (264,605) | (184,748) |
Purchase of FHLB stock | (6,919,000) | (7,027,200) |
Redemption of FHLB stock | 5,251,500 | 5,215,000 |
Net cash provided by (used in) investing activities | 32,326,436 | (209,818,759) |
Cash flows from financing activities | ||
Net (decrease) increase in deposits | (56,099,671) | 70,767,453 |
Net (decrease) increase in short-term FHLB advances | (20,000,000) | 74,000,000 |
Proceeds from long-term FHLB non-repo advances | 75,500,000 | 0 |
Repayments of long-term FHLB non-repo advances | (22,472,502) | (30,879,039) |
Repurchase of common stock | (3,065,555) | (5,956,124) |
Net increase in advance payments from borrowers for taxes and insurance | 286,065 | 1,065,760 |
Net cash (used in) provided by financing activities | (25,851,663) | 108,998,050 |
Net increase (decrease) in cash and cash equivalents | 8,136,404 | (91,743,012) |
Cash and cash equivalents at beginning of year | 16,840,917 | 105,068,785 |
Cash and cash equivalents at September 30, | 24,977,321 | 13,325,773 |
Supplemental cash flow information | ||
Income taxes paid | 1,375,000 | 1,275,000 |
Interest paid | $ 15,261,645 | $ 4,064,492 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation January 15, 2020, two January 15, 2020. January 16, 2020 The Bank maintains two September 30, 2023 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. Reclassifications no Earnings per Share: not three nine September 30, 2023 September 30, 2022 not The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three nine September 30, 2023 2022 For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Numerator Net (loss) income $ (29,053 ) $ 1,930,606 $ 1,820,295 $ 4,973,510 Denominator: Weighted average shares outstanding - basic 13,037,903 13,468,751 13,103,951 13,661,851 Effect of stock options — 61,106 — 42,837 Weighted average shares outstanding - diluted 13,037,903 13,529,857 13,103,951 13,704,688 Earnings per common share: Basic $ (0.00 ) $ 0.14 $ 0.14 $ 0.36 Diluted (0.00 ) 0.14 0.14 0.36 Use of Estimates Basis of Presentation 10 X 1934, 2012 may may not 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 may The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10 December 31, 2022 Allowance for Credit Losses - Loans and Leases The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses (“ACL”). The Company has designated six The Company has minimal history of credit losses and therefore uses the Weighted Average Remaining Maturity (WARM) method for all segments and relies on the use of qualitative factors to determine future credit losses. The Company considers the impact of current environmental factors at the reporting date that did not not The Company also incorporates a one one The Company establishes a specific reserve for individually evaluated loans which do not 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 Adoption of Accounting Standards: June 2016, 2016 13, 326 first December 15, 2022, no January 1, 2023, one 4 l 326. The Bank adopted the provisions of ASC 326 310 30 not January 1, 2023, The Bank adopted the provisions of ASC 326 January 1, 2023 no The effect of the adoption of ASC 326 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, No. 2022 02, "Financial Instruments - Credit Losses (Topic 326 January 1, 2023 not |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 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 September 30, 2023 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2023 U.S. government and agency obligations One through five years $ 6,000,000 $ — $ (611,727 ) $ 5,388,273 Corporate bonds due in: Less than one year 1,001,146 — (3,524 ) 997,622 One through five years 11,230,530 — (428,667 ) 10,801,863 Five through ten years 1,000,000 — (157,130 ) 842,870 MBSs – residential 41,981,115 2,247 (7,040,552 ) 34,942,810 MBSs – commercial 18,803,192 — (3,258,006 ) 15,545,186 Total $ 80,015,983 $ 2,247 $ (11,499,606 ) $ 68,518,624 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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”). There were no sales of securities during the nine September 30, 2023 September 30, 2022 The age of unrealized losses and the fair value of related securities as of September 30, 2023 December 31, 2022 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2023 U.S. government and agency obligations $ — $ — $ 5,388,273 $ (611,727 ) $ 5,388,273 $ (611,727 ) Corporate bonds — — 12,642,355 (589,321 ) 12,642,355 (589,321 ) MBSs – residential 1,914,159 (200,739 ) 32,886,252 (6,839,813 ) 34,800,411 (7,040,552 ) MBSs – commercial - - 15,545,186 (3,258,006 ) 15,545,186 (3,258,006 ) Total $ 1,914,159 $ (200,739 ) $ 66,462,066 $ (11,298,867 ) $ 68,376,225 $ (11,499,606 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses 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 not not September 30, 2023 100% not not not not September 30, 2023 September 30, 2023 December 31, 2022 not September 30, 2023 December 31, 2022 September 30, 2023 |
Note 3 - Securities Held to Mat
Note 3 - Securities Held to Maturity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities Held for Sale [Text Block] | NOTE 3 SECURITIES HELD TO MATURITY Effective January 1, 2023, 326, not The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity at September 30, 2023 December 31, 2022 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value September 30, 2023 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ (476,670 ) $ 9,523,330 Five through ten years 3,000,000 — (486,441 ) 2,513,559 Corporate bonds due in: One through five years 2,453,761 — (67,353 ) 2,386,408 Five through ten years 17,288,710 — (2,370,801 ) 14,917,909 Municipal obligations due in: One through five years 901,836 — (74,403 ) 827,433 Five through ten years 375,000 — (12,934 ) 362,066 Greater than ten years 1,724,997 — (356,062 ) 1,368,935 MBSs: Residential 12,909,061 7,620 (1,776,289 ) 11,140,392 Commercial 17,273,791 — (3,280,118 ) 13,993,673 Total $ 65,927,156 $ 7,620 $ (8,901,071 ) $ 57,033,705 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value 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. 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 Value Losses Value Losses Value Losses September 30, 2023 U.S. government and agency obligations $ — $ — $ 12,036,889 $ (963,111 ) $ 12,036,889 $ (963,111 ) Corporate bonds 2,833,496 (118,025 ) 14,470,822 (2,320,129 ) 17,304,318 (2,438,154 ) Municipal bonds 362,066 (12,934 ) 2,196,368 (430,465 ) 2,558,434 (443,399 ) MBSs – residential 34,596 (2 ) 10,050,189 (1,776,287 ) 10,084,785 (1,776,289 ) MBSs – commercial — — 13,993,672 (3,280,118 ) 13,993,672 (3,280,118 ) Total $ 3,230,158 $ (130,961 ) $ 52,747,940 $ (8,770,110 ) $ 55,978,098 $ (8,901,071 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses 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 ACL on the securities above has 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 not September 30, 2023 December 31, 2022 |
Note 4 - Loans
Note 4 - Loans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 LOANS In conjunction with the adoption of ASC 326, September 30, 2023 December 31, 2022 Pre Adoption Post Adoption September 30, December 31, The effect of December 31, 2023 2022 adoption 2022 Real estate: (unaudited) Residential First Mortgage $ 488,056,539 $ 495,689,840 $ 29,589,213 $ 466,100,627 Commercial and Multi-Family Real Estate — — (162,338,669 ) 162,338,669 Commercial Real Estate 99,503,713 96,030,721 96,030,721 — Multi-Family Real Estate 68,264,208 66,400,713 66,400,713 — Construction 51,537,604 61,825,478 — 61,825,478 Commercial and Industrial 5,697,696 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer — — (29,654,973 ) 29,654,973 Consumer 19,048 98,770 98,770 — Total loans 713,078,808 721,729,711 125,775 721,603,936 Allowance for credit losses (2,785,949 ) (2,860,949 ) (282,775 ) (2,578,174 ) Net loans $ 710,292,859 $ 718,868,762 $ (157,000 ) $ 719,025,762 The Bank has granted loans to officers and directors of the Bank. At September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Residential First Mortgage Commercial Real Estate Multi-Family Real Estate Construction Commercial and Industrial Consumer Total Three months September 30, 2023 Allowance for credit losses: Beginning balance $ 1,811,547 $ 539,002 $ 265,000 $ 159,000 $ 11,400 $ — $ 2,785,949 Provision for (recovery) of credit losses (17,720 ) (5,505 ) 4,925 11,700 6,600 — — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,793,827 $ 533,497 $ 269,925 $ 170,700 $ 18,000 $ — $ 2,785,949 Residential First Mortgage Commercial and Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other Total September 30, 2022 Allowance for loan losses: Beginning balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 Provision for (recovery) of loan losses 161,850 (32,000 ) 36,500 (1,100 ) 9,750 175,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,413,774 $ 648,000 $ 268,500 $ 5,900 $ 92,000 $ 2,428,174 Nine Months Ended September 30, 2023 Residential First Mortgage Commercial Real Estate Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other Total 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 77,324 10,520 10,156 (89,300 ) 14,000 (97,700 ) (75,000 ) Loans charged off — — — — — — — Recoveries — — — — — — — Total ending allowance balance $ 1,793,827 $ 533,497 $ 269,925 $ 170,700 $ 18,000 $ — $ 2,785,949 Residential First Mortgage Commercial and Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other Total September 30, 2022 Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Provision for (recovery) of loan losses 321,300 (120,600 ) 73,500 (3,500 ) 4,300 275,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,413,774 $ 648,000 $ 268,500 $ 5,900 $ 92,000 $ 2,428,174 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 December 31, 2022 Residential First Mortgage Commercial and Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other consumer Total December 31, 2022 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 33,000 $ — $ — $ — $ — $ 33,000 Collectively evaluated for impairment 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 for impairment $ 819,590 $ — $ — $ — $ 37,069 $ 856,659 Loans collectively evaluated for impairment 462,439,940 160,990,186 61,825,478 1,684,189 29,586,787 716,526,580 Loans acquired with deteriorated credit quality 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 Impaired loans as of December 31, 2022 Amount of Loans Average allowance for With no related Loans with an of individually loan losses allowance recorded allowance recorded Impaired loans allocated 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 ACL by collateral type were as follows at September 30, 2023 Portfolio segment Real estate Other Residential First Mortgage $ — $ — Commercial Real Estate — — Multi-Family Real Estate — — Construction 10,955,010 — Commercial and Industrial — — Other Consumer — — $ 10,955,010 $ — Interest income recognized on impaired loans for the nine September 30, 2022 The following table presents the recorded investment in nonaccrual and loans past due 90 December 31, 2022 Loans Past Due 90 Days or More Still Nonaccrual Accruing December 31, 2022 Residential First Mortgage $ 819,590 $ — Home Equity and Other Consumer 37,069 — Total $ 856,659 $ — No nonaccrual loans have specific reserves as of September 30, 2023 September 30, 2023 December 31, 2022 Nonaccrual loans beginning of period Nonaccrual loans end of period Nonaccrual with no Allowance for Credit Loss Loans Past Due 90 Days or More Still Accruing Interest recognized on nonaccrual loans September 30, 2023 Residential First Mortgage $ 819,590 $ 1,322,554 $ 1,322,554 $ — $ — Commercial Real Estate 495,273 495,273 Construction — 10,955,010 10,955,010 — — Consumer 37,069 — — — — Total $ 856,659 $ 12,772,837 $ 12,772,837 $ — $ — The following table presents the aging of the recorded investment in past due loans as of September 30, 2023 December 31, 2022 Greater than 30-59 Days 60-89 Days 89 Days Total Loans Not Past Due Past Due Past Due Past Due Past Due Total September 30, 2023 Residential First Mortgage $ — $ 301,093 $ 950,620 $ 1,251,713 $ 486,804,826 $ 488,056,539 Commercial Real Estate — 6,856,465 454,076 7,310,541 92,193,172 99,503,713 Multi-Family Real Estate — — — — 68,264,208 68,264,208 Construction — — 10,893,713 10,893,713 40,643,891 51,537,604 Commercial and Industrial — — — — 5,697,696 5,697,696 Consumer — — — — 19,048 19,048 Total $ — $ 7,157,558 $ 12,298,409 $ 19,455,967 $ 693,622,841 $ 713,078,808 Greater than 30-59 Days 60-89 Days 89 Days Total Loans Not Past Due Past Due Past Due Past Due Past Due 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 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 may Substandard not Doubtful Loans not Based on the most recent analysis performed, the risk category of loans by class is as follows: Term Loans by Origination Year September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Totals Residential First Mortgage Pass $ 4,145,356 $ 112,861,904 $ 38,626,930 $ 29,173,605 $ 26,785,339 $ 119,544,930 $ 155,600,451 $ 486,738,515 Special Mention — — — 191,892 170,249 391,785 107,538 861,464 Substandard — — — — — 170,615 285,945 456,560 Doubtful — — — — — — — — Total 4,145,356 112,861,904 38,626,930 29,365,497 26,955,588 120,107,330 155,993,934 488,056,539 Gross charge-offs by vintage — — — — — — — — Commercial Real Estate Pass — 3,083,244 — 6,431,819 5,537,490 11,964,001 72,033,083 99,049,637 Special Mention — — — — — — 454,076 454,076 Substandard — — — — — — — — Doubtful — — — — — — — — Total — 3,083,244 — 6,431,819 5,537,490 11,964,001 72,487,159 99,503,713 Gross charge-offs by vintage — — — — — — — — Multi-Family Real Estate Pass — 2,387,471 — 1,175,917 — 2,159,199 62,541,621 68,264,208 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — 2,387,471 — 1,175,917 — 2,159,199 62,541,621 68,264,208 Gross charge-offs by vintage — — — — — — — — Construction Pass — — — — — — 40,643,891 40,643,891 Special Mention — — — — — — — — Substandard — — — — — — 10,893,713 10,893,713 Doubtful — — — — — — — — Total — — — — — — 51,537,604 51,537,604 Gross charge-offs by vintage — — — — — — — — Commercial and Industrial Pass 253,500 — 221,671 627,290 149,854 — 4,445,381 5,697,696 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total 253,500 — 221,671 627,290 149,854 — 4,445,381 5,697,696 Gross charge-offs by vintage — — — — — — — — Consumer Pass — — — — — — 19,048 19,048 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — — — — — — 19,048 19,048 Total loans $ 4,398,856 $ 118,332,619 $ 38,848,601 $ 37,600,523 $ 32,642,932 $ 134,230,530 $ 347,024,747 $ 713,078,808 Special Pass Mention 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 were no loan modifications for the nine September 30, 2023 |
Note 5 - Stock Based Compensati
Note 5 - Stock Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 5 STOCK BASED COMPENSATION At the annual meeting held on May 27, 2021, 2021 "2021 On September 2, 2021, 2021 five one three nine September 30, 2023 September 30, 2022 September 30, 2023 four The following is a summary of the Company's restricted stock activity during the nine September 30, 2023 Number of Non-vested Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2023 181,215 $ 10.45 Granted — — Vested 45,304 10.45 Forfeited — — Outstanding, September 30, 2023 135,911 $ 10.45 On September 2, 2021, 2021 five one Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the three nine September 30, 2023 September 30, 2022 September 30, 2023 four The following is a summary of the Company's option activity during the nine September 30, 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, September 30, 2023 523,619 $ 10.45 5.6 $ — Options exercisable at September 30, 2023 209,448 $ — 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. |
Note 6 - Employee Stock Ownersh
Note 6 - Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Employee Stock Ownership Plan Disclosures [Text Block] | 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. three September 30, 2023 2022 nine September 30, 2023 2022 $178,000 $208,000 September 30, 2023 |
Note 7 - Derivatives and Hedgin
Note 7 - Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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 may not 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 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 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 third Interest Rate Swaps. September 30, 2023 two December 31, 2022 one September 30, 2023 December 31, 2022 no 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 September 30, 2023 September 30, December 31, 2023 2022 Asset Derivative Asset Derivative Consolidated Statements of Financial Condition Fair Value Fair Value Interest rate swaps Other Assets $ 879,740 $ 324,062 Total derivative instruments $ 879,740 $ 324,062 For the nine September 30, 2023 third September 30, 2023 nine September 30, 2023, $254,000. 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 |
Note 8 - Fair Value
Note 8 - Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 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 may Level 1 Level 2 1 not 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 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, not Assets measured at fair value on a recurring basis are summarized below: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) As of September 30, 2023 Securities available for sale: U.S. government and agency obligations $ 5,388,273 $ — $ 5,388,273 $ — Corporate bonds 12,642,355 — 12,642,355 — Cash flow hedge 879,740 879,740 — MBSs - residential 34,942,810 — 34,942,810 — MBSs - commercial 15,545,186 — 15,545,186 — $ 69,398,364 $ — $ 69,398,364 $ — 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 1 2 nine September 30, 2023 The carrying amounts and estimated fair values of financial instruments not September 30, 2023 December 31, 2022 Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2023 Financial instruments - assets Investment securities held-to-maturity $ 65,927 $ 57,034 $ — $ 57,034 $ — Loans and loans held for sale 710,293 623,859 — — 623,859 Financial instruments - liabilities Certificates of deposit 498,918 494,739 — 494,739 — Borrowings 135,315 131,613 — 131,613 — 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 |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 9 ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) for the three nine September 30, 2023 2022 Unrealized gain and losses on available for sale securities Benefit plans Derivatives Total Three months ended September 30, 2023 Beginning balance $ (7,118,869 ) $ 22,592 $ 447,448 $ (6,648,829 ) Other comprehensive (loss) income before reclassification (1,146,582 ) — 184,997 (961,585 ) Amounts reclassified — (16,546 ) — (16,546 ) Net period comprehensive (loss) income (1,146,582 ) (16,546 ) 184,997 (978,131 ) Ending balance $ (8,265,451 ) $ 6,046 $ 632,445 $ (7,626,960 ) September 30, 2022 Beginning balance at July 1, 2022 $ (6,525,164 ) $ (206,635 ) $ — $ (6,731,799 ) Other comprehensive (loss) income before reclassification (227,204 ) — 261,918 34,714 Amounts reclassified — 41,589 — 41,589 Net period comprehensive (loss) income (227,204 ) — 261,918 76,303 Ending balance at September 30, 2022 $ (6,752,368 ) $ (165,046 ) $ 261,918 $ (6,655,496 ) Unrealized gain and losses on available for sale securities Benefit plans Derivatives Total Nine months ended September 30, 2023 Beginning balance $ (6,499,666 ) $ 55,684 $ 232,969 $ (6,211,013 ) Other comprehensive (loss) income before reclassification (1,765,785 ) — 399,476 (1,366,309 ) Amounts reclassified — (49,638 ) — (49,638 ) Net period comprehensive (loss) income (1,765,785 ) (49,638 ) 399,476 (1,415,947 ) Ending balance $ (8,265,451 ) $ 6,046 $ 632,445 $ (7,626,960 ) September 30, 2022 Beginning balance $ 17,158 $ (289,814 ) $ — $ (272,656 ) Other comprehensive (loss) income before reclassification (6,769,526 ) — 261,918 (6,507,608 ) Amounts reclassified — 124,768 — 124,768 Net period comprehensive (loss) income (6,769,526 ) 124,768 261,918 (6,382,840 ) Ending balance $ (6,752,368 ) $ (165,046 ) $ 261,918 $ (6,655,496 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Nature of Operations and Principles of Consolidation January 15, 2020, two January 15, 2020. January 16, 2020 The Bank maintains two September 30, 2023 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. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share: not three nine September 30, 2023 September 30, 2022 not The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three nine September 30, 2023 2022 For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Numerator Net (loss) income $ (29,053 ) $ 1,930,606 $ 1,820,295 $ 4,973,510 Denominator: Weighted average shares outstanding - basic 13,037,903 13,468,751 13,103,951 13,661,851 Effect of stock options — 61,106 — 42,837 Weighted average shares outstanding - diluted 13,037,903 13,529,857 13,103,951 13,704,688 Earnings per common share: Basic $ (0.00 ) $ 0.14 $ 0.14 $ 0.36 Diluted (0.00 ) 0.14 0.14 0.36 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 10 X 1934, 2012 may may not 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 may The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10 December 31, 2022 |
Financing Receivable, Allowance for Credit Losses, Policy or Methodology Change [Policy Text Block] | Allowance for Credit Losses - Loans and Leases The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses (“ACL”). The Company has designated six The Company has minimal history of credit losses and therefore uses the Weighted Average Remaining Maturity (WARM) method for all segments and relies on the use of qualitative factors to determine future credit losses. The Company considers the impact of current environmental factors at the reporting date that did not not The Company also incorporates a one one The Company establishes a specific reserve for individually evaluated loans which do not 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of Accounting Standards: June 2016, 2016 13, 326 first December 15, 2022, no January 1, 2023, one 4 l 326. The Bank adopted the provisions of ASC 326 310 30 not January 1, 2023, The Bank adopted the provisions of ASC 326 January 1, 2023 no The effect of the adoption of ASC 326 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, No. 2022 02, "Financial Instruments - Credit Losses (Topic 326 January 1, 2023 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Numerator Net (loss) income $ (29,053 ) $ 1,930,606 $ 1,820,295 $ 4,973,510 Denominator: Weighted average shares outstanding - basic 13,037,903 13,468,751 13,103,951 13,661,851 Effect of stock options — 61,106 — 42,837 Weighted average shares outstanding - diluted 13,037,903 13,529,857 13,103,951 13,704,688 Earnings per common share: Basic $ (0.00 ) $ 0.14 $ 0.14 $ 0.36 Diluted (0.00 ) 0.14 0.14 0.36 |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | 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 |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2023 U.S. government and agency obligations One through five years $ 6,000,000 $ — $ (611,727 ) $ 5,388,273 Corporate bonds due in: Less than one year 1,001,146 — (3,524 ) 997,622 One through five years 11,230,530 — (428,667 ) 10,801,863 Five through ten years 1,000,000 — (157,130 ) 842,870 MBSs – residential 41,981,115 2,247 (7,040,552 ) 34,942,810 MBSs – commercial 18,803,192 — (3,258,006 ) 15,545,186 Total $ 80,015,983 $ 2,247 $ (11,499,606 ) $ 68,518,624 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2023 U.S. government and agency obligations $ — $ — $ 5,388,273 $ (611,727 ) $ 5,388,273 $ (611,727 ) Corporate bonds — — 12,642,355 (589,321 ) 12,642,355 (589,321 ) MBSs – residential 1,914,159 (200,739 ) 32,886,252 (6,839,813 ) 34,800,411 (7,040,552 ) MBSs – commercial - - 15,545,186 (3,258,006 ) 15,545,186 (3,258,006 ) Total $ 1,914,159 $ (200,739 ) $ 66,462,066 $ (11,298,867 ) $ 68,376,225 $ (11,499,606 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses 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 ) |
Note 3 - Securities Held to M_2
Note 3 - Securities Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value September 30, 2023 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ (476,670 ) $ 9,523,330 Five through ten years 3,000,000 — (486,441 ) 2,513,559 Corporate bonds due in: One through five years 2,453,761 — (67,353 ) 2,386,408 Five through ten years 17,288,710 — (2,370,801 ) 14,917,909 Municipal obligations due in: One through five years 901,836 — (74,403 ) 827,433 Five through ten years 375,000 — (12,934 ) 362,066 Greater than ten years 1,724,997 — (356,062 ) 1,368,935 MBSs: Residential 12,909,061 7,620 (1,776,289 ) 11,140,392 Commercial 17,273,791 — (3,280,118 ) 13,993,673 Total $ 65,927,156 $ 7,620 $ (8,901,071 ) $ 57,033,705 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value 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 |
Debt Securities, Held-to-Maturity, Unrecognized Loss Position [Table Text Block] | Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses September 30, 2023 U.S. government and agency obligations $ — $ — $ 12,036,889 $ (963,111 ) $ 12,036,889 $ (963,111 ) Corporate bonds 2,833,496 (118,025 ) 14,470,822 (2,320,129 ) 17,304,318 (2,438,154 ) Municipal bonds 362,066 (12,934 ) 2,196,368 (430,465 ) 2,558,434 (443,399 ) MBSs – residential 34,596 (2 ) 10,050,189 (1,776,287 ) 10,084,785 (1,776,289 ) MBSs – commercial — — 13,993,672 (3,280,118 ) 13,993,672 (3,280,118 ) Total $ 3,230,158 $ (130,961 ) $ 52,747,940 $ (8,770,110 ) $ 55,978,098 $ (8,901,071 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses 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 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Pre Adoption Post Adoption September 30, December 31, The effect of December 31, 2023 2022 adoption 2022 Real estate: (unaudited) Residential First Mortgage $ 488,056,539 $ 495,689,840 $ 29,589,213 $ 466,100,627 Commercial and Multi-Family Real Estate — — (162,338,669 ) 162,338,669 Commercial Real Estate 99,503,713 96,030,721 96,030,721 — Multi-Family Real Estate 68,264,208 66,400,713 66,400,713 — Construction 51,537,604 61,825,478 — 61,825,478 Commercial and Industrial 5,697,696 1,684,189 — 1,684,189 Consumer: Home Equity and Other Consumer — — (29,654,973 ) 29,654,973 Consumer 19,048 98,770 98,770 — Total loans 713,078,808 721,729,711 125,775 721,603,936 Allowance for credit losses (2,785,949 ) (2,860,949 ) (282,775 ) (2,578,174 ) Net loans $ 710,292,859 $ 718,868,762 $ (157,000 ) $ 719,025,762 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Residential First Mortgage Commercial Real Estate Multi-Family Real Estate Construction Commercial and Industrial Consumer Total Three months September 30, 2023 Allowance for credit losses: Beginning balance $ 1,811,547 $ 539,002 $ 265,000 $ 159,000 $ 11,400 $ — $ 2,785,949 Provision for (recovery) of credit losses (17,720 ) (5,505 ) 4,925 11,700 6,600 — — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,793,827 $ 533,497 $ 269,925 $ 170,700 $ 18,000 $ — $ 2,785,949 Residential First Mortgage Commercial and Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other Total September 30, 2022 Allowance for loan losses: Beginning balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 Provision for (recovery) of loan losses 161,850 (32,000 ) 36,500 (1,100 ) 9,750 175,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,413,774 $ 648,000 $ 268,500 $ 5,900 $ 92,000 $ 2,428,174 Nine Months Ended September 30, 2023 Residential First Mortgage Commercial Real Estate Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other Total 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 77,324 10,520 10,156 (89,300 ) 14,000 (97,700 ) (75,000 ) Loans charged off — — — — — — — Recoveries — — — — — — — Total ending allowance balance $ 1,793,827 $ 533,497 $ 269,925 $ 170,700 $ 18,000 $ — $ 2,785,949 Residential First Mortgage Commercial and Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other Total September 30, 2022 Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Provision for (recovery) of loan losses 321,300 (120,600 ) 73,500 (3,500 ) 4,300 275,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,413,774 $ 648,000 $ 268,500 $ 5,900 $ 92,000 $ 2,428,174 Residential First Mortgage Commercial and Multi-Family Real Estate Construction Commercial and Industrial Home Equity & Other consumer Total December 31, 2022 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 33,000 $ — $ — $ — $ — $ 33,000 Collectively evaluated for impairment 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 for impairment $ 819,590 $ — $ — $ — $ 37,069 $ 856,659 Loans collectively evaluated for impairment 462,439,940 160,990,186 61,825,478 1,684,189 29,586,787 716,526,580 Loans acquired with deteriorated credit quality 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 |
Impaired Financing Receivables [Table Text Block] | Amount of Loans Average allowance for With no related Loans with an of individually loan losses allowance recorded allowance recorded Impaired loans allocated 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 |
Schedule of Financing Receivable by Collateral | Portfolio segment Real estate Other Residential First Mortgage $ — $ — Commercial Real Estate — — Multi-Family Real Estate — — Construction 10,955,010 — Commercial and Industrial — — Other Consumer — — $ 10,955,010 $ — |
Financing Receivable, Nonaccrual [Table Text Block] | Loans Past Due 90 Days or More Still Nonaccrual Accruing December 31, 2022 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 Due 90 Days or More Still Accruing Interest recognized on nonaccrual loans September 30, 2023 Residential First Mortgage $ 819,590 $ 1,322,554 $ 1,322,554 $ — $ — Commercial Real Estate 495,273 495,273 Construction — 10,955,010 10,955,010 — — Consumer 37,069 — — — — Total $ 856,659 $ 12,772,837 $ 12,772,837 $ — $ — |
Financing Receivable, Past Due [Table Text Block] | Greater than 30-59 Days 60-89 Days 89 Days Total Loans Not Past Due Past Due Past Due Past Due Past Due Total September 30, 2023 Residential First Mortgage $ — $ 301,093 $ 950,620 $ 1,251,713 $ 486,804,826 $ 488,056,539 Commercial Real Estate — 6,856,465 454,076 7,310,541 92,193,172 99,503,713 Multi-Family Real Estate — — — — 68,264,208 68,264,208 Construction — — 10,893,713 10,893,713 40,643,891 51,537,604 Commercial and Industrial — — — — 5,697,696 5,697,696 Consumer — — — — 19,048 19,048 Total $ — $ 7,157,558 $ 12,298,409 $ 19,455,967 $ 693,622,841 $ 713,078,808 Greater than 30-59 Days 60-89 Days 89 Days Total Loans Not Past Due Past Due Past Due Past Due Past Due 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans by Origination Year September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Totals Residential First Mortgage Pass $ 4,145,356 $ 112,861,904 $ 38,626,930 $ 29,173,605 $ 26,785,339 $ 119,544,930 $ 155,600,451 $ 486,738,515 Special Mention — — — 191,892 170,249 391,785 107,538 861,464 Substandard — — — — — 170,615 285,945 456,560 Doubtful — — — — — — — — Total 4,145,356 112,861,904 38,626,930 29,365,497 26,955,588 120,107,330 155,993,934 488,056,539 Gross charge-offs by vintage — — — — — — — — Commercial Real Estate Pass — 3,083,244 — 6,431,819 5,537,490 11,964,001 72,033,083 99,049,637 Special Mention — — — — — — 454,076 454,076 Substandard — — — — — — — — Doubtful — — — — — — — — Total — 3,083,244 — 6,431,819 5,537,490 11,964,001 72,487,159 99,503,713 Gross charge-offs by vintage — — — — — — — — Multi-Family Real Estate Pass — 2,387,471 — 1,175,917 — 2,159,199 62,541,621 68,264,208 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — 2,387,471 — 1,175,917 — 2,159,199 62,541,621 68,264,208 Gross charge-offs by vintage — — — — — — — — Construction Pass — — — — — — 40,643,891 40,643,891 Special Mention — — — — — — — — Substandard — — — — — — 10,893,713 10,893,713 Doubtful — — — — — — — — Total — — — — — — 51,537,604 51,537,604 Gross charge-offs by vintage — — — — — — — — Commercial and Industrial Pass 253,500 — 221,671 627,290 149,854 — 4,445,381 5,697,696 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total 253,500 — 221,671 627,290 149,854 — 4,445,381 5,697,696 Gross charge-offs by vintage — — — — — — — — Consumer Pass — — — — — — 19,048 19,048 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total — — — — — — 19,048 19,048 Total loans $ 4,398,856 $ 118,332,619 $ 38,848,601 $ 37,600,523 $ 32,642,932 $ 134,230,530 $ 347,024,747 $ 713,078,808 Special Pass Mention 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 |
Note 5 - Stock Based Compensa_2
Note 5 - Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Non-vested Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2023 181,215 $ 10.45 Granted — — Vested 45,304 10.45 Forfeited — — Outstanding, September 30, 2023 135,911 $ 10.45 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 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, September 30, 2023 523,619 $ 10.45 5.6 $ — Options exercisable at September 30, 2023 209,448 $ — |
Note 7 - Derivatives and Hedg_2
Note 7 - Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | September 30, December 31, 2023 2022 Asset Derivative Asset Derivative Consolidated Statements of Financial Condition Fair Value Fair Value Interest rate swaps Other Assets $ 879,740 $ 324,062 Total derivative instruments $ 879,740 $ 324,062 |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) As of September 30, 2023 Securities available for sale: U.S. government and agency obligations $ 5,388,273 $ — $ 5,388,273 $ — Corporate bonds 12,642,355 — 12,642,355 — Cash flow hedge 879,740 879,740 — MBSs - residential 34,942,810 — 34,942,810 — MBSs - commercial 15,545,186 — 15,545,186 — $ 69,398,364 $ — $ 69,398,364 $ — 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 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2023 Financial instruments - assets Investment securities held-to-maturity $ 65,927 $ 57,034 $ — $ 57,034 $ — Loans and loans held for sale 710,293 623,859 — — 623,859 Financial instruments - liabilities Certificates of deposit 498,918 494,739 — 494,739 — Borrowings 135,315 131,613 — 131,613 — 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 — |
Note 9 - Accumulated Other Co_2
Note 9 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gain and losses on available for sale securities Benefit plans Derivatives Total Three months ended September 30, 2023 Beginning balance $ (7,118,869 ) $ 22,592 $ 447,448 $ (6,648,829 ) Other comprehensive (loss) income before reclassification (1,146,582 ) — 184,997 (961,585 ) Amounts reclassified — (16,546 ) — (16,546 ) Net period comprehensive (loss) income (1,146,582 ) (16,546 ) 184,997 (978,131 ) Ending balance $ (8,265,451 ) $ 6,046 $ 632,445 $ (7,626,960 ) September 30, 2022 Beginning balance at July 1, 2022 $ (6,525,164 ) $ (206,635 ) $ — $ (6,731,799 ) Other comprehensive (loss) income before reclassification (227,204 ) — 261,918 34,714 Amounts reclassified — 41,589 — 41,589 Net period comprehensive (loss) income (227,204 ) — 261,918 76,303 Ending balance at September 30, 2022 $ (6,752,368 ) $ (165,046 ) $ 261,918 $ (6,655,496 ) Unrealized gain and losses on available for sale securities Benefit plans Derivatives Total Nine months ended September 30, 2023 Beginning balance $ (6,499,666 ) $ 55,684 $ 232,969 $ (6,211,013 ) Other comprehensive (loss) income before reclassification (1,765,785 ) — 399,476 (1,366,309 ) Amounts reclassified — (49,638 ) — (49,638 ) Net period comprehensive (loss) income (1,765,785 ) (49,638 ) 399,476 (1,415,947 ) Ending balance $ (8,265,451 ) $ 6,046 $ 632,445 $ (7,626,960 ) September 30, 2022 Beginning balance $ 17,158 $ (289,814 ) $ — $ (272,656 ) Other comprehensive (loss) income before reclassification (6,769,526 ) — 261,918 (6,507,608 ) Amounts reclassified — 124,768 — 124,768 Net period comprehensive (loss) income (6,769,526 ) 124,768 261,918 (6,382,840 ) Ending balance $ (6,752,368 ) $ (165,046 ) $ 261,918 $ (6,655,496 ) |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number Of Subsidiaries | 2 | ||||||||
Retained Earnings (Accumulated Deficit) | $ 93,354,828 | $ 93,354,828 | $ 91,756,673 | ||||||
Financing Receivable, after Allowance for Credit Loss | 710,292,859 | 710,292,859 | $ 718,868,762 | 719,025,762 | |||||
Financing Receivable, Allowance for Credit Loss | 2,785,949 | $ 2,428,174 | 2,785,949 | $ 2,428,174 | $ 2,785,949 | 3,012,949 | 2,578,174 | $ 2,253,174 | $ 2,153,174 |
Debt Securities, Available-for-Sale | 68,518,624 | 68,518,624 | 85,100,578 | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 713,078,808 | $ 713,078,808 | 721,729,711 | 721,603,936 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss | 4,220,697 | ||||||||
Unfunded Loan Commitment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss | 152,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Retained Earnings (Accumulated Deficit) | 222,000 | ||||||||
Financing Receivable, after Allowance for Credit Loss | (157,000) | (157,000) | |||||||
Financing Receivable, Allowance for Credit Loss | 434,775 | 282,775 | |||||||
Debt Securities, Available-for-Sale | 0 | ||||||||
Financing Receivable, before Allowance for Credit Loss | 125,775 | $ 125,775 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss | 125,775 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unfunded Loan Commitment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss | $ 152,000 | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 523,619 | 523,619 | 523,619 | 523,619 | |||||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Exercise Price (in dollars per share) | $ / shares | $ 10.45 | $ 10.45 | $ 10.45 | $ 10.45 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Schedule of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income | $ (29,053) | $ 856,641 | $ 992,707 | $ 1,930,606 | $ 1,642,007 | $ 1,400,897 | $ 1,820,295 | $ 4,973,510 |
Weighted average shares outstanding - basic (in shares) | 13,037,903 | 13,468,751 | 13,103,951 | 13,661,851 | ||||
Effect of stock options (in shares) | 0 | 61,106 | 0 | 42,837 | ||||
Weighted average shares outstanding - diluted (in shares) | 13,037,903 | 13,529,857 | 13,103,951 | 13,704,688 | ||||
Basic (in dollars per share) | $ 0 | $ 0.14 | $ 0.14 | $ 0.36 | ||||
Diluted (in dollars per share) | $ 0 | $ 0.14 | $ 0.14 | $ 0.36 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Adjustments for New Accounting Pronouncements (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Total loans | $ 713,078,808 | $ 721,729,711 | $ 721,603,936 | ||||
Allowance for credit losses | (2,785,949) | $ (2,785,949) | (3,012,949) | (2,578,174) | $ (2,428,174) | $ (2,253,174) | $ (2,153,174) |
Net loans | 710,292,859 | 718,868,762 | 719,025,762 | ||||
Loans, allowance for credit loss | 2,785,949 | 2,785,949 | 3,012,949 | 2,578,174 | 2,428,174 | 2,253,174 | 2,153,174 |
Loans Not Including Unfunded Commitments [Member] | |||||||
Allowance for credit losses | (2,860,949) | ||||||
Loans, allowance for credit loss | 2,860,949 | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 125,775 | 125,775 | |||||
Allowance for credit losses | (434,775) | (282,775) | |||||
Net loans | (157,000) | (157,000) | |||||
Loans, allowance for credit loss | 434,775 | 282,775 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Loans Not Including Unfunded Commitments [Member] | |||||||
Allowance for credit losses | (282,775) | ||||||
Loans, allowance for credit loss | 282,775 | ||||||
Previously Reported [Member] | |||||||
Total loans | 721,603,936 | 721,729,711 | |||||
Allowance for credit losses | (2,578,174) | (2,860,949) | |||||
Net loans | 719,025,762 | 718,868,762 | |||||
Loans, allowance for credit loss | 2,578,174 | 2,860,949 | |||||
Previously Reported [Member] | Loans Not Including Unfunded Commitments [Member] | |||||||
Allowance for credit losses | (2,578,174) | ||||||
Loans, allowance for credit loss | 2,578,174 | ||||||
Commercial and Industrial [Member] | |||||||
Total loans | 5,697,696 | 1,684,189 | 1,684,189 | ||||
Allowance for credit losses | (18,000) | (11,400) | (4,000) | (3,960) | (5,900) | (7,000) | (9,400) |
Loans, allowance for credit loss | 18,000 | 11,400 | 4,000 | 3,960 | 5,900 | 7,000 | 9,400 |
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 0 | 0 | |||||
Allowance for credit losses | (40) | (40) | |||||
Loans, allowance for credit loss | 40 | 40 | |||||
Commercial and Industrial [Member] | Previously Reported [Member] | |||||||
Total loans | 1,684,189 | 1,684,189 | |||||
Allowance for credit losses | (3,960) | ||||||
Loans, allowance for credit loss | 3,960 | ||||||
Consumer Portfolio Segment [Member] | |||||||
Total loans | 19,048 | ||||||
Allowance for credit losses | 0 | 0 | (2,578,174) | ||||
Loans, allowance for credit loss | 0 | 0 | 2,578,174 | ||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||||||
Total loans | 488,056,539 | 495,689,840 | 466,100,627 | ||||
Allowance for credit losses | (1,793,827) | (1,811,547) | (1,814,203) | (1,602,534) | (1,413,774) | (1,251,924) | (1,092,474) |
Loans, allowance for credit loss | 1,793,827 | 1,811,547 | 1,814,203 | 1,602,534 | 1,413,774 | 1,251,924 | 1,092,474 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 29,589,213 | 29,589,213 | |||||
Allowance for credit losses | (211,669) | (113,969) | |||||
Loans, allowance for credit loss | 211,669 | 113,969 | |||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 466,100,627 | 495,689,840 | |||||
Allowance for credit losses | (1,602,534) | ||||||
Loans, allowance for credit loss | 1,602,534 | ||||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||||||
Total loans | 0 | 0 | 162,338,669 | ||||
Allowance for credit losses | 0 | (615,480) | (648,000) | (680,000) | (768,600) | ||
Loans, allowance for credit loss | 0 | 615,480 | 648,000 | 680,000 | 768,600 | ||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | (162,338,669) | (162,338,669) | |||||
Allowance for credit losses | 615,480 | ||||||
Loans, allowance for credit loss | (615,480) | ||||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Previously Reported [Member] | |||||||
Total loans | 162,338,669 | 0 | |||||
Allowance for credit losses | (615,480) | ||||||
Loans, allowance for credit loss | 615,480 | ||||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Total loans | 99,503,713 | 96,030,721 | 0 | ||||
Allowance for credit losses | (533,497) | (539,002) | (522,977) | (381,180) | |||
Loans, allowance for credit loss | 533,497 | 539,002 | 522,977 | 381,180 | |||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 96,030,721 | 96,030,721 | |||||
Allowance for credit losses | (522,977) | (141,797) | |||||
Loans, allowance for credit loss | 522,977 | 141,797 | |||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 0 | 96,030,721 | |||||
Allowance for credit losses | 0 | ||||||
Loans, allowance for credit loss | 0 | ||||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||||||
Total loans | 68,264,208 | 66,400,713 | 0 | ||||
Allowance for credit losses | (269,925) | (265,000) | (259,769) | (234,300) | |||
Loans, allowance for credit loss | 269,925 | 265,000 | 259,769 | 234,300 | |||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 66,400,713 | 66,400,713 | |||||
Allowance for credit losses | (259,769) | (25,469) | |||||
Loans, allowance for credit loss | 259,769 | 25,469 | |||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Previously Reported [Member] | |||||||
Total loans | 0 | 66,400,713 | |||||
Allowance for credit losses | 0 | ||||||
Loans, allowance for credit loss | 0 | ||||||
Real Estate Loan [Member] | Construction Loans [Member] | |||||||
Total loans | 51,537,604 | 61,825,478 | 61,825,478 | ||||
Allowance for credit losses | (170,700) | (159,000) | (260,000) | (258,500) | (268,500) | (232,000) | (195,000) |
Loans, allowance for credit loss | 170,700 | $ 159,000 | 260,000 | 258,500 | 268,500 | 232,000 | 195,000 |
Real Estate Loan [Member] | Construction Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 0 | 0 | |||||
Allowance for credit losses | (1,500) | (1,500) | |||||
Loans, allowance for credit loss | 1,500 | 1,500 | |||||
Real Estate Loan [Member] | Construction Loans [Member] | Previously Reported [Member] | |||||||
Total loans | 61,825,478 | 61,825,478 | |||||
Allowance for credit losses | (258,500) | ||||||
Loans, allowance for credit loss | 258,500 | ||||||
Real Estate Loan [Member] | Commercial and Industrial [Member] | |||||||
Allowance for credit losses | (3,960) | ||||||
Loans, allowance for credit loss | 3,960 | ||||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||||||
Total loans | 0 | 0 | 29,654,973 | ||||
Allowance for credit losses | 0 | 0 | (97,700) | (92,000) | (82,250) | (87,700) | |
Loans, allowance for credit loss | 0 | 0 | 97,700 | $ 92,000 | $ 82,250 | $ 87,700 | |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | (29,654,973) | (29,654,973) | |||||
Allowance for credit losses | 97,700 | 0 | |||||
Loans, allowance for credit loss | (97,700) | 0 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 29,654,973 | 0 | |||||
Allowance for credit losses | (97,700) | ||||||
Loans, allowance for credit loss | 97,700 | ||||||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||||||
Total loans | $ 19,048 | 98,770 | 0 | ||||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 98,770 | 98,770 | |||||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 0 | $ 98,770 | |||||
Unfunded Loan Commitment [Member] | |||||||
Allowance for credit losses | (152,000) | ||||||
Loans, allowance for credit loss | 152,000 | ||||||
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Allowance for credit losses | (152,000) | ||||||
Loans, allowance for credit loss | 152,000 | ||||||
Unfunded Loan Commitment [Member] | Previously Reported [Member] | |||||||
Allowance for credit losses | 0 | ||||||
Loans, allowance for credit loss | $ 0 |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Available-for-Sale | $ 68,518,624 | $ 85,100,578 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 47 | ||
Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-Sale | $ 114,221 | $ 126,662 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Schedule of Debt Securities Available for Sale (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost | $ 80,015,983 | $ 94,141,705 |
Gross unrealized gains | 2,247 | 2,700 |
Gross unrealized losses | (11,499,606) | (9,043,827) |
Fair value | 68,518,624 | 85,100,578 |
US Treasury Bill Securities [Member] | ||
Amortized cost | 4,971,310 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | (43,702) | |
Fair value | 4,927,608 | |
US Government Agencies Debt Securities [Member] | ||
Amortized cost, one through five years | 6,000,000 | 6,000,000 |
Gross unrealized gains, one through five years | 0 | 0 |
Gross unrealized losses, one through five years | (611,727) | (534,846) |
Fair value, one through five years | 5,388,273 | 5,465,154 |
Corporate Debt Securities [Member] | ||
Amortized cost, one through five years | 11,230,530 | 12,182,364 |
Gross unrealized gains, one through five years | 0 | 554 |
Gross unrealized losses, one through five years | (428,667) | (585,085) |
Fair value, one through five years | 10,801,863 | 11,597,833 |
Amortized cost, less than one year | 1,001,146 | 3,022,044 |
Gross unrealized gains, less than one year | 0 | 0 |
Gross unrealized losses, less than one year | (3,524) | (37,230) |
Fair value, less than one year | 997,622 | 2,984,814 |
Amortized cost, five through ten years | 1,000,000 | 1,000,000 |
Gross unrealized gains, five through ten years | 0 | 0 |
Gross unrealized losses, five through ten years | (157,130) | (76,600) |
Fair value, five through ten years | 842,870 | 923,400 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized cost | 41,981,115 | 44,879,199 |
Gross unrealized gains | 2,247 | 2,146 |
Gross unrealized losses | (7,040,552) | (5,232,300) |
Fair value | 34,942,810 | 39,649,045 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized cost | 18,803,192 | 22,086,788 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3,258,006) | (2,534,064) |
Fair value | $ 15,545,186 | $ 19,552,724 |
Note 2 - Securities Available_5
Note 2 - Securities Available for Sale - Schedule of Debt Securities in and Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Available for sale, fair value, less than 12 months | $ 1,914,159 | $ 45,468,677 |
Available for sale, unrealized losses, less than 12 months | (200,739) | (3,092,661) |
Available for sale, fair value, 12 months or more | 66,462,066 | 38,259,752 |
Available for sale, unrealized losses, 12 months or more | (11,298,867) | (5,951,166) |
Available for sale, fair value | 68,376,225 | 83,728,429 |
Available for sale, unrealized losses | (11,499,606) | (9,043,827) |
US Treasury Bill Securities [Member] | ||
Available for sale, fair value, less than 12 months | 4,927,608 | |
Available for sale, unrealized losses, less than 12 months | (43,702) | |
Available for sale, fair value, 12 months or more | 0 | |
Available for sale, unrealized losses, 12 months or more | 0 | |
Available for sale, fair value | 4,927,608 | |
Available for sale, unrealized losses | (43,702) | |
US Government Agencies Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 0 | 2,758,248 |
Available for sale, unrealized losses, less than 12 months | 0 | (241,752) |
Available for sale, fair value, 12 months or more | 5,388,273 | 2,706,906 |
Available for sale, unrealized losses, 12 months or more | (611,727) | (293,094) |
Available for sale, fair value | 5,388,273 | 5,465,154 |
Available for sale, unrealized losses | (611,727) | (534,846) |
Corporate Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 0 | 11,859,089 |
Available for sale, unrealized losses, less than 12 months | 0 | (392,367) |
Available for sale, fair value, 12 months or more | 12,642,355 | 2,647,402 |
Available for sale, unrealized losses, 12 months or more | (589,321) | (306,548) |
Available for sale, fair value | 12,642,355 | 14,506,491 |
Available for sale, unrealized losses | (589,321) | (698,915) |
Residential Mortgage-Backed Securities [Member] | ||
Available for sale, fair value, less than 12 months | 1,914,159 | 16,474,573 |
Available for sale, unrealized losses, less than 12 months | (200,739) | (1,557,718) |
Available for sale, fair value, 12 months or more | 32,886,252 | 22,801,879 |
Available for sale, unrealized losses, 12 months or more | (6,839,813) | (3,674,582) |
Available for sale, fair value | 34,800,411 | 39,276,452 |
Available for sale, unrealized losses | (7,040,552) | (5,232,300) |
Commercial Mortgage-Backed Securities [Member] | ||
Available for sale, fair value, less than 12 months | 0 | 9,449,159 |
Available for sale, unrealized losses, less than 12 months | 0 | (857,122) |
Available for sale, fair value, 12 months or more | 15,545,186 | 10,103,565 |
Available for sale, unrealized losses, 12 months or more | (3,258,006) | (1,676,942) |
Available for sale, fair value | 15,545,186 | 19,552,724 |
Available for sale, unrealized losses | $ (3,258,006) | $ (2,534,064) |
Note 3 - Securities Held to M_3
Note 3 - Securities Held to Maturity (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Allowance for Credit Loss | $ 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 77,427,309 | $ 65,927,156 |
Held-to-Maturity, Securities in Unrealized Loss Positions | 55 | |
Other-than-temporary Impairment Loss, Debt Securities, Held-to-Maturity, before Tax | 0 | |
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 5,293,804 | $ 1,709,280 |
Asset Pledged as Collateral [Member] | Deposits [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 5,293,804 | $ 5,079,376 |
Note 3 - Securities Held to M_4
Note 3 - Securities Held to Maturity - Schedule of Held to Maturity Securities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Securities held to maturity (fair value of $57,033,705 and $70,699,651, respectively) | $ 65,927,156 | $ 77,427,309 |
Held to maturity, gross unrealized gains | 7,620 | 57,703 |
Held to maturity, gross unrealized losses | (8,901,071) | (6,785,361) |
Securities held to maturity, fair value | 57,033,705 | 70,699,651 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity, amortized cost, one through five years | 10,000,000 | 10,000,000 |
Held to maturity, gross unrealized gains, one through five years | 0 | 0 |
Held to maturity, gross unrealized losses, one through five years | (476,670) | (456,850) |
Held to maturity, fair value, one through five years | 9,523,330 | 9,543,150 |
Held to maturity, amortized cost, five through ten years | 3,000,000 | 3,000,000 |
Held to maturity, gross unrealized gains, five through ten years | 0 | 0 |
Held to maturity, gross unrealized losses, five through ten years | (486,441) | (466,866) |
Held to maturity, fair value, five through ten years | 2,513,559 | 2,533,134 |
Corporate Debt Securities [Member] | ||
Held to maturity, amortized cost, one through five years | 2,453,761 | 2,444,729 |
Held to maturity, gross unrealized gains, one through five years | 0 | 1,269 |
Held to maturity, gross unrealized losses, one through five years | (67,353) | (55,836) |
Held to maturity, fair value, one through five years | 2,386,408 | 2,390,162 |
Held to maturity, amortized cost, five through ten years | 17,288,710 | 15,825,262 |
Held to maturity, gross unrealized gains, five through ten years | 0 | 54,738 |
Held to maturity, gross unrealized losses, five through ten years | (2,370,801) | (1,045,557) |
Held to maturity, fair value, five through ten years | 14,917,909 | 14,834,443 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held to maturity, amortized cost, one through five years | 901,836 | 902,545 |
Held to maturity, gross unrealized gains, one through five years | 0 | 0 |
Held to maturity, gross unrealized losses, one through five years | (74,403) | (84,742) |
Held to maturity, fair value, one through five years | 827,433 | 817,803 |
Held to maturity, amortized cost, five through ten years | 375,000 | 375,000 |
Held to maturity, gross unrealized gains, five through ten years | 0 | 1,286 |
Held to maturity, gross unrealized losses, five through ten years | (12,934) | 0 |
Held to maturity, fair value, five through ten years | 362,066 | 376,286 |
Held to maturity, amortized cost, greater than ten years | 1,724,997 | 1,728,184 |
Held to maturity, gross unrealized gains, greater than ten years | 0 | 0 |
Held to maturity, gross unrealized losses, greater than ten years | (356,062) | (346,586) |
Held to maturity, fair value, greater than ten years | 1,368,935 | 1,381,598 |
Held to maturity, amortized cost, less than one year | 7,706,402 | |
Held to maturity, gross unrealized gains, less than one year | 0 | |
Held to maturity, gross unrealized losses, less than one year | (36,250) | |
Held to maturity, fair value, less than one year | 7,670,152 | |
Residential Mortgage-Backed Securities [Member] | ||
Securities held to maturity (fair value of $57,033,705 and $70,699,651, respectively) | 12,909,061 | 14,425,827 |
Held to maturity, gross unrealized gains | 7,620 | 410 |
Held to maturity, gross unrealized losses | (1,776,289) | (1,431,861) |
Securities held to maturity, fair value | 11,140,392 | 12,994,376 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities held to maturity (fair value of $57,033,705 and $70,699,651, respectively) | 17,273,791 | 21,019,360 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (3,280,118) | (2,860,813) |
Securities held to maturity, fair value | $ 13,993,673 | $ 18,158,547 |
Note 3 - Securities Held to M_5
Note 3 - Securities Held to Maturity - Schedule of Held to Maturity Securities in an Unrecognized Loss Position (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Held to maturity, fair value, less than 12 months | $ 3,230,158 | $ 38,069,709 |
Held to maturity, unrecognized losses, less than 12 months | (130,961) | (1,557,872) |
Held to maturity, fair value, 12 months or more | 52,747,940 | 29,645,962 |
Held to maturity, unrecognized losses, 12 months or more | (8,770,110) | (5,227,489) |
Held to maturity, fair value | 55,978,098 | 67,715,671 |
Held to maturity, unrecognized losses | (8,901,071) | (6,785,361) |
US Government Agencies Debt Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 0 | 9,543,150 |
Held to maturity, unrecognized losses, less than 12 months | 0 | (456,850) |
Held to maturity, fair value, 12 months or more | 12,036,889 | 2,533,134 |
Held to maturity, unrecognized losses, 12 months or more | (963,111) | (466,866) |
Held to maturity, fair value | 12,036,889 | 12,076,284 |
Held to maturity, unrecognized losses | (963,111) | (923,716) |
Corporate Debt Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 2,833,496 | 11,464,282 |
Held to maturity, unrecognized losses, less than 12 months | (118,025) | (680,447) |
Held to maturity, fair value, 12 months or more | 14,470,822 | 3,329,054 |
Held to maturity, unrecognized losses, 12 months or more | (2,320,129) | (420,946) |
Held to maturity, fair value | 17,304,318 | 14,793,336 |
Held to maturity, unrecognized losses | (2,438,154) | (1,101,393) |
US States and Political Subdivisions Debt Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 362,066 | 7,670,152 |
Held to maturity, unrecognized losses, less than 12 months | (12,934) | (36,250) |
Held to maturity, fair value, 12 months or more | 2,196,368 | 2,199,401 |
Held to maturity, unrecognized losses, 12 months or more | (430,465) | (431,328) |
Held to maturity, fair value | 2,558,434 | 9,869,553 |
Held to maturity, unrecognized losses | (443,399) | (467,578) |
Residential Mortgage-Backed Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 34,596 | 2,008,303 |
Held to maturity, unrecognized losses, less than 12 months | (2) | (101,341) |
Held to maturity, fair value, 12 months or more | 10,050,189 | 10,809,648 |
Held to maturity, unrecognized losses, 12 months or more | (1,776,287) | (1,330,520) |
Held to maturity, fair value | 10,084,785 | 12,817,951 |
Held to maturity, unrecognized losses | (1,776,289) | (1,431,861) |
Commercial Mortgage-Backed Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 0 | 7,383,822 |
Held to maturity, unrecognized losses, less than 12 months | 0 | (282,984) |
Held to maturity, fair value, 12 months or more | 13,993,672 | 10,774,725 |
Held to maturity, unrecognized losses, 12 months or more | (3,280,118) | (2,577,829) |
Held to maturity, fair value | 13,993,672 | 18,158,547 |
Held to maturity, unrecognized losses | $ (3,280,118) | $ (2,860,813) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties | $ 1,629,412 | $ 1,739,725 |
Financing Receivable, Deferred Commitment Fee | 3,012,686 | 3,078,612 |
Financing Receivable, Nonaccrual with Specific Reserves | 0 | |
Other Real Estate | 0 | $ 0 |
Financing Receivable, Modified in Period, Amount | $ 0 |
Note 4 - Loans - Schedule of Fi
Note 4 - Loans - Schedule of Financing Receivables (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Total loans | $ 713,078,808 | $ 721,729,711 | $ 721,603,936 | ||||
Allowance for credit losses | (2,785,949) | $ (2,785,949) | (3,012,949) | (2,578,174) | $ (2,428,174) | $ (2,253,174) | $ (2,153,174) |
Net loans | 710,292,859 | 718,868,762 | 719,025,762 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 125,775 | 125,775 | |||||
Allowance for credit losses | (434,775) | (282,775) | |||||
Net loans | (157,000) | (157,000) | |||||
Previously Reported [Member] | |||||||
Total loans | 721,603,936 | 721,729,711 | |||||
Allowance for credit losses | (2,578,174) | (2,860,949) | |||||
Net loans | 719,025,762 | 718,868,762 | |||||
Commercial and Industrial [Member] | |||||||
Total loans | 5,697,696 | 1,684,189 | 1,684,189 | ||||
Allowance for credit losses | (18,000) | (11,400) | (4,000) | (3,960) | (5,900) | (7,000) | (9,400) |
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 0 | 0 | |||||
Allowance for credit losses | (40) | (40) | |||||
Commercial and Industrial [Member] | Previously Reported [Member] | |||||||
Total loans | 1,684,189 | 1,684,189 | |||||
Allowance for credit losses | (3,960) | ||||||
Consumer Portfolio Segment [Member] | |||||||
Total loans | 19,048 | ||||||
Allowance for credit losses | 0 | 0 | (2,578,174) | ||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||||||
Total loans | 488,056,539 | 495,689,840 | 466,100,627 | ||||
Allowance for credit losses | (1,793,827) | (1,811,547) | (1,814,203) | (1,602,534) | (1,413,774) | (1,251,924) | (1,092,474) |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 29,589,213 | 29,589,213 | |||||
Allowance for credit losses | (211,669) | (113,969) | |||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 466,100,627 | 495,689,840 | |||||
Allowance for credit losses | (1,602,534) | ||||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||||||
Total loans | 0 | 0 | 162,338,669 | ||||
Allowance for credit losses | 0 | (615,480) | (648,000) | (680,000) | (768,600) | ||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | (162,338,669) | (162,338,669) | |||||
Allowance for credit losses | 615,480 | ||||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Previously Reported [Member] | |||||||
Total loans | 162,338,669 | 0 | |||||
Allowance for credit losses | (615,480) | ||||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Total loans | 99,503,713 | 96,030,721 | 0 | ||||
Allowance for credit losses | (533,497) | (539,002) | (522,977) | (381,180) | |||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 96,030,721 | 96,030,721 | |||||
Allowance for credit losses | (522,977) | (141,797) | |||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 0 | 96,030,721 | |||||
Allowance for credit losses | 0 | ||||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||||||
Total loans | 68,264,208 | 66,400,713 | 0 | ||||
Allowance for credit losses | (269,925) | (265,000) | (259,769) | (234,300) | |||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 66,400,713 | 66,400,713 | |||||
Allowance for credit losses | (259,769) | (25,469) | |||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Previously Reported [Member] | |||||||
Total loans | 0 | 66,400,713 | |||||
Allowance for credit losses | 0 | ||||||
Real Estate Loan [Member] | Construction Loans [Member] | |||||||
Total loans | 51,537,604 | 61,825,478 | 61,825,478 | ||||
Allowance for credit losses | (170,700) | $ (159,000) | (260,000) | (258,500) | (268,500) | (232,000) | (195,000) |
Real Estate Loan [Member] | Construction Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 0 | 0 | |||||
Allowance for credit losses | (1,500) | (1,500) | |||||
Real Estate Loan [Member] | Construction Loans [Member] | Previously Reported [Member] | |||||||
Total loans | 61,825,478 | 61,825,478 | |||||
Allowance for credit losses | (258,500) | ||||||
Real Estate Loan [Member] | Commercial and Industrial [Member] | |||||||
Allowance for credit losses | (3,960) | ||||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||||||
Total loans | 0 | 0 | 29,654,973 | ||||
Allowance for credit losses | 0 | 0 | (97,700) | $ (92,000) | $ (82,250) | $ (87,700) | |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | (29,654,973) | (29,654,973) | |||||
Allowance for credit losses | 97,700 | 0 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | 29,654,973 | 0 | |||||
Allowance for credit losses | (97,700) | ||||||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||||||
Total loans | $ 19,048 | 98,770 | 0 | ||||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Total loans | 98,770 | 98,770 | |||||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Total loans | $ 0 | $ 98,770 |
Note 4 - Loans - Schedule of Al
Note 4 - Loans - Schedule of Allowance for Credit Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2023 | |
Beginning balance | $ 2,785,949 | $ 2,253,174 | $ 2,578,174 | $ 2,153,174 | $ 2,153,174 | |
Provision for (recovery) of credit losses | 0 | 175,000 | (75,000) | 275,000 | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Total ending allowance balance | 2,785,949 | 2,428,174 | 2,785,949 | 2,428,174 | 2,578,174 | |
Individually evaluated for impairment | 33,000 | |||||
Collectively evaluated for impairment | 2,545,174 | |||||
Total ending allowance balance | 2,785,949 | 2,428,174 | 2,785,949 | 2,428,174 | 2,578,174 | $ 3,012,949 |
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 | 721,603,936 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 282,775 | |||||
Total ending allowance balance | 282,775 | |||||
Total ending allowance balance | 282,775 | 434,775 | ||||
Commercial and Industrial [Member] | ||||||
Beginning balance | 11,400 | 7,000 | 3,960 | 9,400 | 9,400 | |
Provision for (recovery) of credit losses | 6,600 | (1,100) | 14,000 | (3,500) | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Total ending allowance balance | 18,000 | 5,900 | 18,000 | 5,900 | 3,960 | |
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 3,960 | |||||
Total ending allowance balance | 18,000 | 5,900 | 18,000 | 5,900 | 3,960 | 4,000 |
Loans individually evaluated for impairment | 0 | |||||
Loans collectively evaluated for impairment | 1,684,189 | |||||
Loans acquired with deteriorated credit quality | 0 | |||||
Total ending loan balance | 1,684,189 | |||||
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 40 | |||||
Total ending allowance balance | 40 | |||||
Total ending allowance balance | 40 | 40 | ||||
Consumer Portfolio Segment [Member] | ||||||
Beginning balance | 0 | 2,578,174 | ||||
Provision for (recovery) of credit losses | 0 | |||||
Loans charged off | 0 | |||||
Recoveries | 0 | |||||
Total ending allowance balance | 0 | 0 | 2,578,174 | |||
Total ending allowance balance | 0 | 0 | 2,578,174 | |||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | ||||||
Beginning balance | 1,811,547 | 1,251,924 | 1,602,534 | 1,092,474 | 1,092,474 | |
Provision for (recovery) of credit losses | (17,720) | 161,850 | 77,324 | 321,300 | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Total ending allowance balance | 1,793,827 | 1,413,774 | 1,793,827 | 1,413,774 | 1,602,534 | |
Individually evaluated for impairment | 33,000 | |||||
Collectively evaluated for impairment | 1,569,534 | |||||
Total ending allowance balance | 1,793,827 | 1,413,774 | 1,793,827 | 1,413,774 | 1,602,534 | 1,814,203 |
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 | 466,100,627 | |||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 113,969 | |||||
Total ending allowance balance | 113,969 | |||||
Total ending allowance balance | 113,969 | 211,669 | ||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | ||||||
Beginning balance | 680,000 | 615,480 | 768,600 | 768,600 | ||
Provision for (recovery) of credit losses | (32,000) | (120,600) | ||||
Loans charged off | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Total ending allowance balance | 648,000 | 648,000 | 615,480 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 615,480 | |||||
Total ending allowance balance | 648,000 | 648,000 | 615,480 | 0 | ||
Loans individually evaluated for impairment | 0 | |||||
Loans collectively evaluated for impairment | 160,990,186 | |||||
Loans acquired with deteriorated credit quality | 1,348,483 | |||||
Total ending loan balance | 162,338,669 | |||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Total ending allowance balance | (615,480) | |||||
Real Estate Loan [Member] | Construction Loans [Member] | ||||||
Beginning balance | 159,000 | 232,000 | 258,500 | 195,000 | 195,000 | |
Provision for (recovery) of credit losses | 11,700 | 36,500 | (89,300) | 73,500 | ||
Loans charged off | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Total ending allowance balance | 170,700 | 268,500 | 170,700 | 268,500 | 258,500 | |
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 258,500 | |||||
Total ending allowance balance | 170,700 | 268,500 | 170,700 | 268,500 | 258,500 | 260,000 |
Loans individually evaluated for impairment | 0 | |||||
Loans collectively evaluated for impairment | 61,825,478 | |||||
Loans acquired with deteriorated credit quality | 0 | |||||
Total ending loan balance | 61,825,478 | |||||
Real Estate Loan [Member] | Construction Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 1,500 | |||||
Total ending allowance balance | 1,500 | |||||
Total ending allowance balance | 1,500 | 1,500 | ||||
Real Estate Loan [Member] | Commercial and Industrial [Member] | ||||||
Beginning balance | 3,960 | |||||
Total ending allowance balance | 3,960 | |||||
Total ending allowance balance | 3,960 | |||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Beginning balance | 539,002 | 381,180 | ||||
Provision for (recovery) of credit losses | (5,505) | 10,520 | ||||
Loans charged off | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Total ending allowance balance | 533,497 | 533,497 | 381,180 | |||
Total ending allowance balance | 533,497 | 533,497 | 381,180 | 522,977 | ||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 141,797 | |||||
Total ending allowance balance | 141,797 | |||||
Total ending allowance balance | 141,797 | 522,977 | ||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | ||||||
Beginning balance | 265,000 | 234,300 | ||||
Provision for (recovery) of credit losses | 4,925 | 10,156 | ||||
Loans charged off | 0 | |||||
Recoveries | 0 | |||||
Total ending allowance balance | 269,925 | 269,925 | 234,300 | |||
Total ending allowance balance | 269,925 | 269,925 | 234,300 | 259,769 | ||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 25,469 | |||||
Total ending allowance balance | 25,469 | |||||
Total ending allowance balance | 25,469 | 259,769 | ||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||||||
Beginning balance | 82,250 | 97,700 | 87,700 | 87,700 | ||
Provision for (recovery) of credit losses | 9,750 | (97,700) | 4,300 | |||
Loans charged off | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | |||
Total ending allowance balance | 0 | 92,000 | 0 | 92,000 | 97,700 | |
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 97,700 | |||||
Total ending allowance balance | $ 0 | $ 92,000 | 0 | $ 92,000 | 97,700 | 0 |
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 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | $ 0 | |||||
Total ending allowance balance | 0 | |||||
Total ending allowance balance | $ 0 | $ (97,700) |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Loans with no related allowance recorded | $ 12,772,837 | $ 1,724,569 |
Loans with an allowance recorded | 171,616 | |
Average of individually impaired loans | 1,815,109 | |
Related allowance | 33,000 | |
Commercial and Industrial [Member] | ||
Loans with no related allowance recorded | 0 | |
Loans with an allowance recorded | 0 | |
Average of individually impaired loans | 0 | |
Related allowance | 0 | |
Consumer Portfolio Segment [Member] | ||
Loans with no related allowance recorded | 0 | |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | ||
Loans with no related allowance recorded | 1,322,554 | 1,199,278 |
Loans with an allowance recorded | 171,616 | |
Average of individually impaired loans | 1,300,615 | |
Related allowance | 33,000 | |
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | ||
Loans with no related allowance recorded | 488,222 | |
Loans with an allowance recorded | 0 | |
Average of individually impaired loans | 488,196 | |
Related allowance | 0 | |
Real Estate Loan [Member] | Construction Loans [Member] | ||
Loans with no related allowance recorded | $ 10,955,010 | 0 |
Loans with an allowance recorded | 0 | |
Average of individually impaired loans | 0 | |
Related allowance | 0 | |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans with no related allowance recorded | 37,069 | |
Loans with an allowance recorded | 0 | |
Average of individually impaired loans | 26,298 | |
Related allowance | $ 0 |
Note 4 - Loans - Schedule of _2
Note 4 - Loans - Schedule of Financing Receivables by Collateral (Details) - USD ($) | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Total loans | $ 713,078,808 | $ 721,729,711 | $ 721,603,936 |
Real Estate [Member] | |||
Total loans | 10,955,010 | ||
Other Collateral [Member] | |||
Total loans | 0 | ||
Commercial and Industrial [Member] | |||
Total loans | 5,697,696 | 1,684,189 | 1,684,189 |
Commercial and Industrial [Member] | Real Estate [Member] | |||
Total loans | 0 | ||
Commercial and Industrial [Member] | Other Collateral [Member] | |||
Total loans | 0 | ||
Consumer Portfolio Segment [Member] | |||
Total loans | 19,048 | ||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 488,056,539 | 495,689,840 | 466,100,627 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Real Estate [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Other Collateral [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 99,503,713 | 96,030,721 | 0 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Other Collateral [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 68,264,208 | 66,400,713 | 0 |
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Real Estate [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Other Collateral [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 51,537,604 | 61,825,478 | 61,825,478 |
Real Estate Loan [Member] | Construction Loans [Member] | Real Estate [Member] | |||
Total loans | 10,955,010 | ||
Real Estate Loan [Member] | Construction Loans [Member] | Other Collateral [Member] | |||
Total loans | 0 | ||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 19,048 | $ 98,770 | $ 0 |
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | Real Estate [Member] | |||
Total loans | 0 | ||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | Other Collateral [Member] | |||
Total loans | $ 0 |
Note 4 - Loans - Schedule of No
Note 4 - Loans - Schedule of Nonaccrual Loans (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Nonaccrual | $ 12,772,837 | $ 856,659 |
Loans Due 90 Days or More Still Accruing | 0 | 0 |
Nonaccrual | 856,659 | |
Nonaccrual | 12,772,837 | |
Loans with no related allowance recorded | 12,772,837 | 1,724,569 |
Nonaccrual, interest | 0 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Nonaccrual | 1,322,554 | 819,590 |
Loans Due 90 Days or More Still Accruing | 0 | 0 |
Nonaccrual | 819,590 | |
Nonaccrual | 1,322,554 | |
Loans with no related allowance recorded | 1,322,554 | 1,199,278 |
Nonaccrual, interest | 0 | |
Consumer Portfolio Segment [Member] | ||
Nonaccrual | 0 | 37,069 |
Loans Due 90 Days or More Still Accruing | 0 | |
Nonaccrual | 37,069 | |
Nonaccrual | 0 | |
Loans with no related allowance recorded | 0 | |
Nonaccrual, interest | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Nonaccrual | 37,069 | |
Loans Due 90 Days or More Still Accruing | 0 | |
Nonaccrual | 37,069 | |
Loans with no related allowance recorded | 37,069 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Nonaccrual | 495,273 | |
Nonaccrual | 495,273 | |
Loans with no related allowance recorded | 495,273 | |
Construction Loans [Member] | Real Estate Loan [Member] | ||
Nonaccrual | 10,955,010 | 0 |
Loans Due 90 Days or More Still Accruing | 0 | |
Nonaccrual | 0 | |
Nonaccrual | 10,955,010 | |
Loans with no related allowance recorded | 10,955,010 | $ 0 |
Nonaccrual, interest | $ 0 |
Note 4 - Loans - Schedule of Pa
Note 4 - Loans - Schedule of Past Due Financing Receivables (Details) - USD ($) | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Total loans | $ 713,078,808 | $ 721,729,711 | $ 721,603,936 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Total loans | 4,220,697 | ||
Commercial and Industrial [Member] | |||
Total loans | 5,697,696 | 1,684,189 | 1,684,189 |
Commercial and Industrial [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Total loans | 0 | ||
Consumer Portfolio Segment [Member] | |||
Total loans | 19,048 | ||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 488,056,539 | 495,689,840 | 466,100,627 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Total loans | 2,841,097 | ||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||
Total loans | 0 | 0 | 162,338,669 |
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Total loans | 1,348,483 | ||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 99,503,713 | 96,030,721 | 0 |
Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 51,537,604 | 61,825,478 | 61,825,478 |
Real Estate Loan [Member] | Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Total loans | 0 | ||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 68,264,208 | 66,400,713 | 0 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | 0 | 29,654,973 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Total loans | 31,117 | ||
Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 19,048 | $ 98,770 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total loans | 0 | 92,977 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 92,977 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total loans | 7,157,558 | 360,849 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 301,093 | 360,849 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 6,856,465 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total loans | 12,298,409 | 298,637 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 950,620 | 279,515 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 454,076 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 10,893,713 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 19,122 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | ||
Financial Asset, Past Due [Member] | |||
Total loans | 19,455,967 | 752,463 | |
Financial Asset, Past Due [Member] | Commercial and Industrial [Member] | |||
Total loans | 0 | 0 | |
Financial Asset, Past Due [Member] | Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 1,251,713 | 640,364 | |
Financial Asset, Past Due [Member] | Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, Past Due [Member] | Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 7,310,541 | ||
Financial Asset, Past Due [Member] | Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 10,893,713 | 0 | |
Financial Asset, Past Due [Member] | Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 0 | ||
Financial Asset, Past Due [Member] | Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 112,099 | ||
Financial Asset, Past Due [Member] | Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | ||
Financial Asset, Not Past Due [Member] | |||
Total loans | 693,622,841 | 716,630,776 | |
Financial Asset, Not Past Due [Member] | Commercial and Industrial [Member] | |||
Total loans | 5,697,696 | 1,684,189 | |
Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 486,804,826 | 462,619,166 | |
Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | |||
Total loans | 160,990,186 | ||
Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 92,193,172 | ||
Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | Construction Loans [Member] | |||
Total loans | 40,643,891 | 61,825,478 | |
Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | Multi-Family Real Estate [Member] | |||
Total loans | 68,264,208 | ||
Financial Asset, Not Past Due [Member] | Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | $ 29,511,757 | ||
Financial Asset, Not Past Due [Member] | Consumer Loans [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | $ 19,048 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Originated current year | $ 4,398,856 | $ 4,398,856 | ||||
Originated prior year | 118,332,619 | 118,332,619 | ||||
Originated two years prior | 38,848,601 | 38,848,601 | ||||
Originated three years prior | 37,600,523 | 37,600,523 | ||||
Originated four years prior | 32,642,932 | 32,642,932 | ||||
Originated years prior | 134,230,530 | 134,230,530 | ||||
Revolving | 347,024,747 | 347,024,747 | ||||
Total loans | 713,078,808 | 713,078,808 | $ 721,729,711 | $ 721,603,936 | ||
Gross charge-offs by vintage | 0 | $ 0 | 0 | $ 0 | ||
Pass [Member] | ||||||
Total loans | 720,555,735 | |||||
Special Mention [Member] | ||||||
Total loans | 575,087 | |||||
Substandard [Member] | ||||||
Total loans | 473,114 | |||||
Doubtful [Member] | ||||||
Total loans | 721,603,936 | |||||
Commercial and Industrial [Member] | ||||||
Originated current year | 253,500 | 253,500 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 221,671 | 221,671 | ||||
Originated three years prior | 627,290 | 627,290 | ||||
Originated four years prior | 149,854 | 149,854 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 4,445,381 | 4,445,381 | ||||
Total loans | 5,697,696 | 5,697,696 | 1,684,189 | 1,684,189 | ||
Originated current year, writeoffs | 0 | |||||
Originated prior year, writeoffs | 0 | |||||
Originated two years prior, writeoffs | 0 | |||||
Originated three years prior, writeoffs | 0 | |||||
Originated four years prior, writeoffs | 0 | |||||
Originated years prior, writeoffs | 0 | |||||
Revolving, writeoffs | 0 | |||||
Gross charge-offs by vintage | 0 | 0 | 0 | 0 | ||
Commercial and Industrial [Member] | Pass [Member] | ||||||
Originated current year | 253,500 | 253,500 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 221,671 | 221,671 | ||||
Originated three years prior | 627,290 | 627,290 | ||||
Originated four years prior | 149,854 | 149,854 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 4,445,381 | 4,445,381 | ||||
Total loans | 5,697,696 | 5,697,696 | 1,684,189 | |||
Commercial and Industrial [Member] | Special Mention [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | 0 | |||
Commercial and Industrial [Member] | Substandard [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | 0 | |||
Commercial and Industrial [Member] | Doubtful [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | 1,684,189 | |||
Consumer Portfolio Segment [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 19,048 | 19,048 | ||||
Total loans | 19,048 | 19,048 | ||||
Gross charge-offs by vintage | 0 | |||||
Consumer Portfolio Segment [Member] | Pass [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 19,048 | 19,048 | ||||
Total loans | 19,048 | 19,048 | ||||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | ||||||
Originated current year | 4,145,356 | 4,145,356 | ||||
Originated prior year | 112,861,904 | 112,861,904 | ||||
Originated two years prior | 38,626,930 | 38,626,930 | ||||
Originated three years prior | 29,365,497 | 29,365,497 | ||||
Originated four years prior | 26,955,588 | 26,955,588 | ||||
Originated years prior | 120,107,330 | 120,107,330 | ||||
Revolving | 155,993,934 | 155,993,934 | ||||
Total loans | 488,056,539 | 488,056,539 | 495,689,840 | 466,100,627 | ||
Originated current year, writeoffs | 0 | |||||
Originated prior year, writeoffs | 0 | |||||
Originated two years prior, writeoffs | 0 | |||||
Originated three years prior, writeoffs | 0 | |||||
Originated four years prior, writeoffs | 0 | |||||
Originated years prior, writeoffs | 0 | |||||
Revolving, writeoffs | 0 | |||||
Gross charge-offs by vintage | 0 | 0 | 0 | 0 | ||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Pass [Member] | ||||||
Originated current year | 4,145,356 | 4,145,356 | ||||
Originated prior year | 112,861,904 | 112,861,904 | ||||
Originated two years prior | 38,626,930 | 38,626,930 | ||||
Originated three years prior | 29,173,605 | 29,173,605 | ||||
Originated four years prior | 26,785,339 | 26,785,339 | ||||
Originated years prior | 119,544,930 | 119,544,930 | ||||
Revolving | 155,600,451 | 155,600,451 | ||||
Total loans | 486,738,515 | 486,738,515 | 465,089,495 | |||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 191,892 | 191,892 | ||||
Originated four years prior | 170,249 | 170,249 | ||||
Originated years prior | 391,785 | 391,785 | ||||
Revolving | 107,538 | 107,538 | ||||
Total loans | 861,464 | 861,464 | 555,965 | |||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 170,615 | 170,615 | ||||
Revolving | 285,945 | 285,945 | ||||
Total loans | 456,560 | 456,560 | 455,167 | |||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | 466,100,627 | |||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | ||||||
Total loans | 0 | 0 | 0 | 162,338,669 | ||
Gross charge-offs by vintage | 0 | 0 | ||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Pass [Member] | ||||||
Total loans | 162,338,669 | |||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Special Mention [Member] | ||||||
Total loans | 0 | |||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Substandard [Member] | ||||||
Total loans | 0 | |||||
Real Estate Loan [Member] | Commercial and Multi-Family Real Estate [Member] | Doubtful [Member] | ||||||
Total loans | 162,338,669 | |||||
Real Estate Loan [Member] | Construction Loans [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 51,537,604 | 51,537,604 | ||||
Total loans | 51,537,604 | 51,537,604 | 61,825,478 | 61,825,478 | ||
Originated current year, writeoffs | 0 | |||||
Originated prior year, writeoffs | 0 | |||||
Originated two years prior, writeoffs | 0 | |||||
Originated three years prior, writeoffs | 0 | |||||
Originated four years prior, writeoffs | 0 | |||||
Originated years prior, writeoffs | 0 | |||||
Revolving, writeoffs | 0 | |||||
Gross charge-offs by vintage | 0 | 0 | 0 | 0 | ||
Real Estate Loan [Member] | Construction Loans [Member] | Pass [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 40,643,891 | 40,643,891 | ||||
Total loans | 40,643,891 | 40,643,891 | 61,825,478 | |||
Real Estate Loan [Member] | Construction Loans [Member] | Special Mention [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | 0 | |||
Real Estate Loan [Member] | Construction Loans [Member] | Substandard [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 10,893,713 | 10,893,713 | ||||
Total loans | 10,893,713 | 10,893,713 | 0 | |||
Real Estate Loan [Member] | Construction Loans [Member] | Doubtful [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | 61,825,478 | |||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 3,083,244 | 3,083,244 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 6,431,819 | 6,431,819 | ||||
Originated four years prior | 5,537,490 | 5,537,490 | ||||
Originated years prior | 11,964,001 | 11,964,001 | ||||
Revolving | 72,487,159 | 72,487,159 | ||||
Total loans | 99,503,713 | 99,503,713 | 96,030,721 | 0 | ||
Originated current year, writeoffs | 0 | |||||
Originated prior year, writeoffs | 0 | |||||
Originated two years prior, writeoffs | 0 | |||||
Originated three years prior, writeoffs | 0 | |||||
Originated four years prior, writeoffs | 0 | |||||
Originated years prior, writeoffs | 0 | |||||
Revolving, writeoffs | 0 | |||||
Gross charge-offs by vintage | 0 | 0 | ||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 3,083,244 | 3,083,244 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 6,431,819 | 6,431,819 | ||||
Originated four years prior | 5,537,490 | 5,537,490 | ||||
Originated years prior | 11,964,001 | 11,964,001 | ||||
Revolving | 72,033,083 | 72,033,083 | ||||
Total loans | 99,049,637 | 99,049,637 | ||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 454,076 | 454,076 | ||||
Total loans | 454,076 | 454,076 | ||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 2,387,471 | 2,387,471 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 1,175,917 | 1,175,917 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 2,159,199 | 2,159,199 | ||||
Revolving | 62,541,621 | 62,541,621 | ||||
Total loans | 68,264,208 | 68,264,208 | 66,400,713 | 0 | ||
Originated current year, writeoffs | 0 | |||||
Originated prior year, writeoffs | 0 | |||||
Originated two years prior, writeoffs | 0 | |||||
Originated three years prior, writeoffs | 0 | |||||
Originated four years prior, writeoffs | 0 | |||||
Originated years prior, writeoffs | 0 | |||||
Revolving, writeoffs | 0 | |||||
Gross charge-offs by vintage | 0 | |||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Pass [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 2,387,471 | 2,387,471 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 1,175,917 | 1,175,917 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 2,159,199 | 2,159,199 | ||||
Revolving | 62,541,621 | 62,541,621 | ||||
Total loans | 68,264,208 | 68,264,208 | ||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Special Mention [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Substandard [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Real Estate Loan [Member] | Multi-Family Real Estate [Member] | Doubtful [Member] | ||||||
Originated current year | 0 | 0 | ||||
Originated prior year | 0 | 0 | ||||
Originated two years prior | 0 | 0 | ||||
Originated three years prior | 0 | 0 | ||||
Originated four years prior | 0 | 0 | ||||
Originated years prior | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||||||
Total loans | $ 0 | 0 | $ 0 | 29,654,973 | ||
Gross charge-offs by vintage | $ 0 | $ 0 | $ 0 | |||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||||||
Total loans | 29,617,904 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||||||
Total loans | 19,122 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||||||
Total loans | 17,947 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||||||
Total loans | $ 29,654,973 |
Note 5 - Stock Based Compensa_3
Note 5 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 02, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | May 27, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 523,619 | 523,619 | 523,619 | ||||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 135,911 | 135,911 | 181,215 | ||||
The 2021 Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 902,602 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 526,119 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.37 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 10.45 | ||||||
The 2021 Plan [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 257,887 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 226,519 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.45 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 5 years | ||||||
Share-Based Payment Arrangement, Expense | $ 118,000 | $ 118,000 | $ 354,000 | $ 354,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 135,911 | 135,911 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,600,000 | $ 1,600,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years | ||||||
The 2021 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 644,718 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 5 years | ||||||
Share-Based Payment Arrangement, Expense | 115,000 | $ 115,000 | $ 345,000 | $ 345,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,500,000 | $ 1,500,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 314,171 | 314,171 |
Note 5 - Stock Based Compensa_4
Note 5 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Outstanding, shares (in shares) | shares | 181,215 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.45 |
Granted, shares (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested, shares (in shares) | shares | 45,304 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.45 |
Forfeited, shares (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding, shares (in shares) | shares | 135,911 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.45 |
Note 5 - Stock Based Compensa_5
Note 5 - Stock Based Compensation - Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Outstanding, option (in shares) | 523,619 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.45 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 7 months 6 days | 6 years 6 months |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Granted, option (in shares) | 0 | |
Exercised, option (in shares) | 0 | |
Forfeited, option (in shares) | 0 | |
Outstanding, option (in shares) | 523,619 | 523,619 |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.45 | $ 10.45 |
Options exercisable (in shares) | 209,448 | |
Options exercisable, aggregate intrinsic value | $ 0 |
Note 6 - Employee Stock Owner_2
Note 6 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 515,775 | 515,775 | ||
Employee Stock Ownership Plan ESOP Percentage Of Shares Outstanding In ESOP | 3.92% | 3.92% | ||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares) | 25,789 | 25,789 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 51,000 | $ 71,000 | $ 177,900 | $ 208,023 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP (in shares) | 107,128 | 107,128 | ||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in shares) | 416,491 | 416,491 | ||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 3,500,000 | $ 3,500,000 |
Note 7 - Derivatives and Hedg_3
Note 7 - Derivatives and Hedging Activities (Details Textual) - Interest Rate Swap [Member] | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 879,740 | |
Interest Payable | $ 70,000 | |
Designated as Hedging Instrument [Member] | ||
Number of Interest Rate Derivatives Held | 2 | 1 |
Derivative, Notional Amount | $ 20,000,000 | $ 10,000,000 |
Note 7 - Derivatives and Hedg_4
Note 7 - Derivatives and Hedging Activities - Schedule of Derivative Instrument Classification (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Total derivative instruments | $ 879,740 | $ 324,062 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Total derivative instruments | $ 879,740 | $ 324,062 |
Note 8 - Fair Value - Schedule
Note 8 - Fair Value - Schedule of Assets Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value | $ 68,518,624 | $ 85,100,578 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 4,927,608 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 69,398,364 | 80,497,032 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | 69,398,364 | 85,424,640 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 5,388,273 | 5,465,154 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | 5,388,273 | 5,465,154 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 12,642,355 | 15,506,047 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | 12,642,355 | 15,506,047 |
Cash Flow Hedge [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | ||
Cash Flow Hedge [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 879,740 | 324,062 |
Cash Flow Hedge [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Cash Flow Hedge [Member] | Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | 879,740 | 324,062 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value | 34,942,810 | 39,649,045 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 34,942,810 | 39,649,045 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | 34,942,810 | 39,649,045 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value | 15,545,186 | 19,552,724 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 15,545,186 | 19,552,724 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | $ 15,545,186 | 19,552,724 |
US Treasury Bill Securities [Member] | ||
Securities available for sale, at fair value | 4,927,608 | |
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 4,927,608 | |
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 0 | |
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | |
US Treasury Bill Securities [Member] | Reported Value Measurement [Member] | ||
Securities available for sale, at fair value | $ 4,927,608 |
Note 8 - Fair Value - Schedul_2
Note 8 - Fair Value - Schedule of Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment securities held-to-maturity | $ 57,034 | $ 70,700 |
Loans and loans held for sale | 623,859 | 658,250 |
Borrowings | 131,613 | 98,885 |
Certificates of Deposit [Member] | ||
Certificates of deposit | 494,739 | 491,638 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities held-to-maturity | 0 | 0 |
Loans and loans held for sale | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Investment securities held-to-maturity | 57,034 | 70,700 |
Loans and loans held for sale | 0 | 0 |
Borrowings | 131,613 | 98,885 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | 494,739 | 491,638 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities held-to-maturity | 0 | 0 |
Loans and loans held for sale | 623,859 | 658,250 |
Borrowings | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | 0 | 0 |
Reported Value Measurement [Member] | ||
Investment securities held-to-maturity | 65,927 | 77,427 |
Loans and loans held for sale | 710,293 | 719,026 |
Borrowings | 135,315 | 102,319 |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | $ 498,918 | $ 492,593 |
Note 9 - Accumulated Other Co_3
Note 9 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 139,198,478 | $ 140,460,794 | $ 139,659,123 | $ 147,576,211 |
Balance | 137,653,255 | 141,118,359 | 137,653,255 | 141,118,359 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (7,118,869) | (6,525,164) | (6,499,666) | 17,158 |
Other comprehensive (loss) income before reclassification | (1,146,582) | (227,204) | (1,765,785) | (6,769,526) |
Amounts reclassified | 0 | 0 | 0 | 0 |
Net period comprehensive (loss) income | (1,146,582) | (227,204) | (1,765,785) | (6,769,526) |
Balance | (8,265,451) | (6,752,368) | (8,265,451) | (6,752,368) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | 22,592 | (206,635) | 55,684 | (289,814) |
Other comprehensive (loss) income before reclassification | 0 | 0 | 0 | 0 |
Amounts reclassified | (16,546) | 41,589 | (49,638) | 124,768 |
Net period comprehensive (loss) income | (16,546) | 0 | (49,638) | 124,768 |
Balance | 6,046 | (165,046) | 6,046 | (165,046) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 447,448 | 0 | 232,969 | 0 |
Other comprehensive (loss) income before reclassification | 184,997 | 261,918 | 399,476 | 261,918 |
Amounts reclassified | 0 | 0 | 0 | 0 |
Net period comprehensive (loss) income | 184,997 | 261,918 | 399,476 | 261,918 |
Balance | 632,445 | 261,918 | 632,445 | 261,918 |
AOCI Attributable to Parent [Member] | ||||
Balance | (6,648,829) | (6,731,799) | (6,211,013) | (272,656) |
Other comprehensive (loss) income before reclassification | (961,585) | 34,714 | (1,366,309) | (6,507,608) |
Amounts reclassified | (16,546) | 41,589 | (49,638) | 124,768 |
Net period comprehensive (loss) income | (978,131) | 76,303 | (1,415,947) | (6,382,840) |
Balance | $ (7,626,960) | $ (6,655,496) | $ (7,626,960) | $ (6,655,496) |