Bogota Financial (BSBK) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Bogota Financial Corp.
Entity Central Index Key	0001787414
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Entity Address, State or Province	NJ
Entity Incorporation, State or Country Code	MD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		13,157,525
Trading Symbol	BSBK
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39180
Entity Tax Identification Number	84-3501231
Entity Address, Address Line One	819 Teaneck Road
Entity Address City Or Town	Teaneck
Entity Address Postal Zip Code	07666
City Area Code	201
Local Phone Number	862-0660
Document Quarterly Report	true
Document Transition Report	false

Consolidated Statements Of Fina

Consolidated Statements Of Financial Condition - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 6,206,405	$ 5,176,241
Interest-bearing deposits in other banks	65,205,827	122,686,318
Cash and cash equivalents	71,412,232	127,862,559
Securities available for sale	12,277,380	13,748,561
Securities held to maturity (fair value of $55,337,097 and $56,582,299, respectively)	53,826,111	56,093,317
Loans, net of allowance of $2,316,174 and $2,016,174, respectively	583,815,965	537,157,217
Premises and equipment, net	4,309,116	4,196,753
Federal Home Loan Bank (FHLB) stock	6,065,200	5,672,700
Accrued interest receivable	2,982,313	2,021,360
Bank owned life insurance	16,827,094	17,409,745
Other assets	1,988,626	2,450,042
Total Assets	753,504,037	766,612,254
Liabilities
Non-interest bearing	24,026,431	16,122,231
Interest bearing	486,838,498	481,627,221
Total Deposits	510,864,929	497,749,452
FHLB advances	108,147,741	97,092,484
Advance payments by borrowers for taxes and insurance	3,265,348	3,191,706
Subscription offering proceeds		90,349,840
Other liabilities	3,826,120	3,250,925
Total liabilities	626,104,138	691,634,407
Commitments and Contingencies-see note 5
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2020
Common stock $0.01 par value, 30,000,000 shares authorized, 13,157,525 issued and outstanding at September 30, 2020	131,575
Additional Paid-In capital	56,996,307
Retained earnings	76,313,418	75,291,512
Unearned ESOP shares (496,348 shares as of September 30, 2020)	(5,802,428)
Accumulated other comprehensive loss	(238,973)	(313,665)
Total stockholders’ equity	127,399,899	74,977,847
Total liabilities and stockholders’ equity	$ 753,504,037	$ 766,612,254

Consolidated Statements Of Fi_2

Consolidated Statements Of Financial Condition (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Fair value of Securities Maturities	$ 55,337,097	$ 56,582,299
Allowance For Loan	$ 2,316,174	$ 2,016,174
Preferred stock par value	$ 0.01
Preferred shares authorized	1,000,000
Preferred shares issued	0
Preferred shares outstanding	0
Common stock par value	$ 0.01
Common shares authorized	30,000,000
Common shares issued	13,157,525
Common shares outstanding	13,157,525
Unearned ESOP Shares	496,348

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income
Loans	$ 5,391,077	$ 5,136,299	$ 15,734,259	$ 15,147,160
Securities
Taxable	367,857	441,557	1,204,056	1,383,258
Tax-exempt	13,136	11,836	38,017	77,787
Other interest-earning assets	131,215	215,048	660,492	659,842
Total interest income	5,903,285	5,804,740	17,636,824	17,268,047
Interest expense
Deposits	1,836,627	2,485,223	6,194,460	7,433,088
FHLB advances	472,506	568,740	1,478,432	1,487,479
Total interest expense	2,309,133	3,053,963	7,672,892	8,920,567
Net interest income	3,594,152	2,750,777	9,963,932	8,347,480
Provision for loan losses	25,000		275,000
Net interest income after provision for loan losses	3,569,152	2,750,777	9,688,932	8,347,480
Non-interest income
Fees and service charges	13,407	25,447	45,451	85,887
Bank owned life insurance	90,359	102,880	939,160	305,142
Other	4,287	3,885	12,470	20,860
Total non-interest income	108,053	132,212	997,081	411,889
Non-interest expense
Salaries and employee benefits	1,330,540	1,229,834	3,790,526	3,704,454
Occupancy and equipment	166,592	162,945	495,509	513,517
FDIC insurance assessment	45,000	14,161	116,000	75,296
Data processing	182,202	83,915	493,439	820,958
Advertising	30,000	65,000	131,814	185,000
Director fees	181,916	160,651	547,091	498,596
Professional fees	239,375	85,500	642,888	208,000
Contribution to Charitable Foundation			2,881,500
Other	218,395	136,762	527,560	554,078
Total non-interest expense	2,394,020	1,938,768	9,626,327	6,559,899
Income before income taxes	1,283,185	944,221	1,059,686	2,199,470
Income tax expense	326,769	273,207	37,781	558,367
Net income	$ 956,416	$ 671,014	$ 1,021,905	$ 1,641,103
Earnings per Share	$ 0.08		$ 0.09
Weighted average shares outstanding	12,657,453		12,004,881

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 956,416	$ 671,014	$ 1,021,905	$ 1,641,103
Unrealized gains/losses on securities available for sale:
Unrealized holding (loss) gain arising during the period	45,268	(16,035)	(12,515)	41,227
Tax effect	(12,725)	4,507	3,519	(11,589)
Net of tax	32,543	(11,528)	(8,996)	29,638
Defined benefit retirement plans:
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits	38,803	(20,058)	116,409	(20,058)
Tax effect	(10,907)	5,616	(32,721)	5,616
Net of tax	27,896	(14,442)	83,688	(14,442)
Total other comprehensive income (loss)	60,439	(25,970)	74,692	15,196
Comprehensive income	$ 1,016,855	$ 645,044	$ 1,096,597	$ 1,656,299

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($)	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulates Other Comprehensive Income (Loss)	Unearned ESOP shares
Beginning balance at Dec. 31, 2018	$ 72,477,768			$ 72,794,887	$ (317,119)
Net Income (loss)	361,818			361,818
Other comprehensive income (loss)	13,201				13,201
Reclassification of the stranded tax effects from the enactment of the Tax Cuts and Jobs Act				68,713	(68,713)
Ending balance at Mar. 31, 2019	72,852,787			73,225,418	(372,631)
Beginning balance at Dec. 31, 2018	72,477,768			72,794,887	(317,119)
Net Income (loss)	1,641,103
Other comprehensive income (loss)	15,196
Ending balance at Sep. 30, 2019	74,134,067			74,504,703	(370,636)
Beginning balance at Mar. 31, 2019	72,852,787			73,225,418	(372,631)
Net Income (loss)	608,271			608,271
Other comprehensive income (loss)	27,965				27,965
Ending balance at Jun. 30, 2019	73,489,023			73,833,689	(344,666)
Net Income (loss)	671,014			671,014
Other comprehensive income (loss)	(25,970)				(25,970)
Ending balance at Sep. 30, 2019	74,134,067			74,504,703	(370,636)
Beginning balance at Dec. 31, 2019	74,977,847			75,291,512	(313,665)
Net Income (loss)	(1,337,583)			(1,337,583)
Other comprehensive income (loss)	(113,532)				(113,532)
Issuance of common stock for initial public offering, net of expenses	54,554,037	$ 128,943	$ 54,425,094
Issuance of common stock for initial public offering, net of expenses, shares		12,894,375
Issuance of common stock to the Charitable Foundation	2,631,500	$ 2,632	2,628,868
Issuance of common stock to the Charitable Foundation, shares		263,150
Stock purchase by the ESOP	(6,022,899)					$ (6,022,899)
Ending balance at Mar. 31, 2020	124,689,370	$ 131,575	57,053,962	73,953,929	(427,197)	(6,022,899)
Ending balance, shares at Mar. 31, 2020		13,157,525
Beginning balance at Dec. 31, 2019	74,977,847			75,291,512	(313,665)
Net Income (loss)	1,021,905
Other comprehensive income (loss)	74,692
Ending balance at Sep. 30, 2020	127,399,899	$ 131,575	56,996,307	76,313,418	(238,973)	(5,802,428)
Ending balance, shares at Sep. 30, 2020		13,157,525
Beginning balance at Mar. 31, 2020	124,689,370	$ 131,575	57,053,962	73,953,929	(427,197)	(6,022,899)
Beginning balance, shares at Mar. 31, 2020		13,157,525
Net Income (loss)	1,403,073			1,403,073
Other comprehensive income (loss)	127,785				127,785
ESOP shares released	111,723		(31,730)			143,453
Ending balance at Jun. 30, 2020	126,331,951	$ 131,575	57,022,232	75,357,002	(299,412)	(5,879,446)
Ending balance, shares at Jun. 30, 2020		13,157,525
Net Income (loss)	956,416			956,416
Other comprehensive income (loss)	60,439				60,439
ESOP shares released	51,093		(25,925)			77,018
Ending balance at Sep. 30, 2020	$ 127,399,899	$ 131,575	$ 56,996,307	$ 76,313,418	$ (238,973)	$ (5,802,428)
Ending balance, shares at Sep. 30, 2020		13,157,525

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 1,021,905	$ 1,641,103
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses	275,000
Depreciation of premises and equipment	204,459	227,638
Amortization of deferred loan fees	493,186	306,297
Amortization of premiums and accretion of discounts on securities, net	61,144	105,269
Deferred income tax(benefit) expense	(652,235)	4,255
Contribution to charitable foundation	2,631,500
Increase in cash surrender value of bank owned life insurance	(281,270)	(305,142)
Employee stock ownership plan expense	162,816
Changes in:
Accrued interest receivable	(960,953)	(25,592)
Net changes in other assets	1,233,582	(77,280)
Net changes in other liabilities	542,474	424,281
Net cash provided by operating activities	4,731,608	2,300,829
Cash flows from investing activities
Purchases of securities available for sale		(497,500)
Purchases of securities held to maturity	(15,414,965)	(2,051,895)
Maturities, calls, and repayments of securities available for sale	1,397,520	2,179,766
Maturities, calls, and repayments of securities held to maturity	17,682,171	19,527,652
Net increase in loans	(45,557,267)	(10,180,214)
Loans purchased	(1,869,667)
Death benefit proceeds from bank owned life insurance	863,921
Purchases of premises and equipment	(316,822)	(49,996)
Purchase of FHLB Stock	(834,100)	(4,195,300)
Redemption of FHLB stock	441,600	2,671,100
Net cash (used in) provided by investing activities	(43,607,609)	7,403,613
Cash flows from financing activities
Net increase (decrease) in deposits	13,115,477	(35,938,498)
Net increase (decrease) in short-term FHLB advances	7,000,000	(40,000,000)
Proceeds from long-term FHLB non-repo advances	19,500,000	77,000,000
Repayments of long-term FHLB non-repo advances	(15,444,743)	(2,740,484)
Loan to ESOP	(6,022,899)
Stock offering expenses	(1,973,312)
Return of unfilled stock offering subscriptions	(41,505,998)
Common stock issuance	7,683,507
Net increase in advance payments from borrowers for taxes and insurance	73,642	224,289
Net cash used in financing activities	(17,574,326)	(1,454,693)
Net (decrease) increase in cash and cash equivalents	(56,450,327)	8,249,749
Cash and cash equivalents at beginning of year	127,862,559	24,517,602
Cash and cash equivalents at September 30	71,412,232	32,767,351
Supplemental cash flow information
Subscription offering proceeds used to purchase common stock	48,843,842
Income taxes paid	800,000	603,000
Interest paid	$ 7,793,048	$ 8,920,567

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2020 and December 31, 2019. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share resulting in net proceeds of $54.6 million after $2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications Earnings per Share: The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three and nine months ended September 30, 2020. Earnings per share were not applicable for the three and nine months ended September 30, 2019 since there were no shares outstanding. For the three months ended September 30, For the nine months ended September 30, Net income $ 956,416 $ 1,021,905 Basic earnings per share: Weighted average shares outstanding - basic 12,657,453 12,004,881 Basic earnings per share $ 0.08 $ 0.09 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates Risks and Uncertainties Basis of Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. Not yet effective Accounting Pronouncements: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is fiscal years beginning after December 15, 2022 (the fiscal year beginning on January 1, 2023 for the Company), and interim periods within those fiscal years. The Company currently expects to continue to qualify as a smaller reporting company, based upon the current SEC definition, and as a result, will likely be able to defer implementation of the new standard for a period of time. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations.

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	9 Months Ended
	Sep. 30, 2020
Available-for-sale Securities
Schedule Of Available For Sale Securities [Line Items]
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY	NOTE 2 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2020 Corporate bonds due in: One through five years $ 6,375,497 $ 29,296 $ (7,071 ) $ 6,397,722 Five through ten years — — — — MBSs – residential 5,758,755 123,176 (2,273 ) 5,879,658 Total $ 12,134,252 $ 152,472 $ (9,344 ) $ 12,277,380 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 Corporate bonds due in: Less than one year $ 499,126 $ 2,053 $ (8,405 ) $ 501,179 One through five years 6,038,217 29,709 — 6,059,521 Five through ten years 350,000 157 — 350,157 MBSs – residential 6,705,574 132,130 — 6,837,704 Total $ 13,592,917 $ 164,049 $ (8,405 ) $ 13,748,561 All of the MBS’s are issued by the following government sponsored agencies Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”). NOTE 2 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the nine months ended September 30, 2020 and September 30, 2019. The age of unrealized losses and the fair value of related securities as of September 30, 2020 and December 31, 2019 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2020 Corporate bonds $ 1,002,506 $ (3,171 ) $ 1,003,248 $ (3,900 ) $ 2,005,754 $ (7,071 ) MBSs – residential 361,856 (2,273 ) - - 361,856 (2,273 ) Total $ 1,364,362 $ (5,444 ) $ 1,003,248 $ (3,900 ) $ 2,367,610 $ (9,344 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Corporate bonds $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Total $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Unrealized losses on corporate bonds available for sale have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. At September 30, 2020, 100% of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these securities to be other-than-temporary impaired at September 30, 2020. At September 30, 2020 and December 31, 2019, securities available for sale with a carrying value of $227,216 and $261,165, respectively, were pledged to secure public deposits.

SECURITIES HELD TO MATURITY

SECURITIES HELD TO MATURITY	9 Months Ended
	Sep. 30, 2020
Held-to-maturity Securities
Marketable Securities [Line Items]
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY	NOTE 3 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value September 30, 2020 U.S. Government-sponsored agencies due in: One through five years $ — $ — $ — $ — Five through ten years 1,497,375 4,163 — 1,501,538 Corporate bonds due in: Five through ten years 9,137,021 161,941 (13,163 ) 9,285,799 Municipal obligations due in: One through five years 3,105,395 41,251 (407 ) 3,146,239 Five through ten years 375,000 33,761 — 408,761 MBSs: Residential 8,139,390 191,049 (2,632 ) 8,327,807 Commercial 31,571,930 1,147,793 (52,770 ) 32,666,953 Total $ 53,826,111 $ 1,579,958 $ (68,972 ) $ 55,337,097 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2019 U.S. Government-sponsored agencies due in: Less than one year $ 4,950,000 $ — $ (520 ) $ 4,949,480 One through five years 2,499,584 — (8,517 ) 2,491,067 Five through ten years 4,495,576 421 (5,406 ) 4,490,591 Corporate bonds due in: Five through ten years 5,436,837 112,172 — 5,549,009 Municipal obligations due in: Less than one year 909,795 3,697 — 913,492 One through five years 1,380,377 20,395 — 1,400,772 MBSs: Residential 7,820,452 76,082 (10,077 ) 7,886,457 Commercial 28,600,696 305,721 (4,984 ) 28,901,432 Total $ 56,093,317 $ 518,486 $ (29,504 ) $ 56,582,299 All of the MBS are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 3 – SECURITIES HELD TO MATURITY (Continued) The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses September 30, 2020 Corporate Bonds $ 1,422,140 $ (13,163 ) $ — $ — $ 1,422,140 $ (13,163 ) Municipal Bonds $ 1,436,188 $ (407 ) — — $ 1,436,188 $ (407 ) MBSs – residential 313,119 (2,632 ) — — 313,119 (2,632 ) MBSs – commercial 2,610,314 (52,770 ) — — 2,610,314 (52,770 ) Total $ 5,781,761 $ (68,972 ) $ — $ — $ 5,781,761 $ (68,972 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2019 U.S. Government-sponsored agencies $ 2,991,651 $ (5,406 ) $ 7,440,548 $ (9,037 ) $ 10,432,199 $ (14,443 ) Corporate bonds — — — — — — MBSs – residential 64,672 (129 ) 1,539,406 (9,948 ) 1,604,078 (10,077 ) MBSs – commercial 2,077,669 (4,984 ) — — 2,077,669 (4,894 ) Total $ 5,133,992 $ (10,519 ) $ 8,979,954 $ (18,985 ) $ 14,113,946 $ (29,504 ) Unrecognized losses have not been recognized into income because the issuers of the securities are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At September 30, 2020 and December 31, 2019, securities held to maturity with a carrying amount of $11,381,863 and $14,392,143, respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. At September 30, 2020 and December 31, 2019, securities held to maturity with a carrying value of $4,121,120 and $4,429,954, respectively were pledged to secure public deposits.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
LOANS	NOTE 4 – LOANS Loans are summarized as follows at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Real estate: Residential $ 365,098,243 $ 384,296,405 Commercial and multi-family real estate 173,151,971 119,831,813 Construction 8,988,114 5,943,594 Commercial and industrial 13,821,513 2,263,608 Consumer: Home equity and other 25,072,298 26,837,971 Total loans 586,132,139 539,173,391 Allowance for loan losses (2,316,174 ) (2,016,174 ) Net loans $ 583,815,965 $ 537,157,217 The Bank has granted loans to officers and directors of the Bank. At September 30, 2020 and December 31, 2019, such loans totaled approximately $791,102 and $779,790, respectively. As of September 30, 2020, the Bank granted $67.9 million of loan modifications, which represented 11.6% of the total loan portfolio, allowing customers who were affected by the COVID-19 pandemic to defer principal and/or interest payments. These short-term loan modifications were treated in accordance with Section 4013 of the CARES Act and will not be treated as troubled debt restructurings during the short-term modification period if the loan was not in arrears at December 31, 2019. Furthermore, these loans will continue to accrue interest. Of the 172 loans to which loan modifications were granted only 25 loans have requested additional deferrals as of September 30, 2020. The 25 loans still on deferral represents $7.9 million or 1.4% of net loans and all the loans are within the one-to-four family residential real estate portfolio. As a qualified Small Business Administration lender, the Bank was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). As of September 30, 2020, the Bank received and processed 113 PPP applications totaling approximately $10.5 million, which are include in the table above under commercial and industrial loans. NOTE 4 – LOANS (Continued) The following table presents the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Three months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,357,674 $ 770,000 $ 34,500 $ 88,000 $ 16,000 $ 2,266,174 Provision for loan losses (credit) (50,500 ) 70,000 6,000 500 (1,000 ) 25,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,300,674 $ 600,000 $ 12,500 $ 94,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) 37,400 (38,000 ) 500 100 — — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Nine months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) (76,000 ) 328,000 14,500 2,500 6,000 275,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,266,175 $ 607,000 $ 9,000 $ 89,000 $ 5,000 $ 1,976,175 Provision for loan losses (credit) 31,900 (45,000 ) 4,000 5,100 4,000 — Loans charged off — — — — — — Recoveries 39,999 — — — — 39,999 Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 NOTE 4 – LOANS (Continued) The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of September 30, 2020 and December 31, 2019: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total September 30, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,296,315 840,000 40,500 88,500 15,000 2,280,315 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 Loans: Loans individually evaluated for impairment $ 1,064,881 $ 224,930 $ — $ 19,167 $ — $ 1,308,978 Loans collectively evaluated for impairment 364,033,362 172,927,041 8,988,114 25,053,131 13,821,513 584,823,161 Total ending loan balance $ 365,098,243 $ 173,151,971 $ 8,988,114 $ 25,072,298 $ 13,821,513 $ 586,132,139 December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,347,315 512,000 26,000 86,000 9,000 1,980,315 Total ending allowance balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Loans: Loans individually evaluated for impairment $ 1,245,071 $ 229,490 $ — $ 19,533 $ — $ 1,494,094 Loans collectively evaluated for impairment 383,051,334 119,602,323 5,943,594 26,818,438 2,263,608 537,679,297 Total ending loan balance $ 384,296,405 $ 119,831,813 $ 5,943,594 $ 26,837,971 $ 2,263,608 $ 539,173,391 NOTE 4 – LOANS (Continued) Impaired loans as of and for the nine months ended September 30, 2020 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 887,240 $ 177,641 $ 35,859 Commercial and Multi-Family 224,930 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,167 — — $ 1,131,337 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended September 30, 2020 Nine months ended September 30, 2020 Residential first mortgages $ 1,143,912 $ 1,231,099 Commercial and Multi-Family 225,714 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 19,232 19,353 $ 1,388,858 $ 1,477,678 Impaired loans as of and for the year ended December 31, 2019 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 1,066,071 $ 179,000 $ 35,859 Commercial and Multi-Family 229,490 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,533 — — $ 1,315,094 $ 179,000 $ 35,859 Average Of individually Impaired Three months ended September 30, 2019 Nine months ended September 30, 2019 Residential first mortgages $ 1,231,715 $ 1,234,948 Commercial and Multi-Family — — Construction — — Commercial & Industrial — — Home equity & other consumer 9,866 6,577 $ 1,241,581 $ 1,241,525 NOTE 4 – LOANS (Continued) The Bank has five residential loans totaling $979,781 that were troubled debt restructurings (“TDRs”) as of September 30, 2020, with one loan totaling $177,641 with a specific reserve of $35,859. At December 31, 2019, the Bank had six residential loans totaling $1,250,741 that were TDRs and one loan totaling $179,000 with a specific reserve of $35,859. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Interest income recognized on impaired loans for the three months ended September 30, 2020 and September 30, 2019 was nominal. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of September 30, 2020 and December 31, 2019: Nonaccrual Loans Past Due 90 Days or More Still Accruing September 30, 2020 Residential $ 652,592 $ — Commercial and multi-family — — Consumer 19,167 — Total $ 671,759 $ — December 31, 2019 Residential $ 570,406 $ — Commercial and multi-family — — Consumer 19,533 — Total $ 589,940 $ — The Bank had no other real estate owned at either September 30, 2020 or December 31, 2019 NOTE 4 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of September 30, 2020 and December 31, 2019, by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Past Due Total Past Loans Not Past Due Total September 30, 2020 Residential $ — $ 409,026 $ — $ 409,026 $ 364,689,217 $ 365,098,243 Commercial and multi-family — — — — 173,151,971 173,151,971 Construction — — — — 8,988,114 8,988,114 Commercial and industrial — — — — 13,821,513 13,821,513 Consumer — 24,600 — 24,600 25,047,698 25,072,298 Total $ — $ 433,626 $ — $ 433,626 $ 585,698,513 $ 586,132,139 December 31, 2019 Residential $ — $ 370,909 $ — $ 370,909 $ 383,925,496 $ 384,296,405 Commercial and multi-family — — — — 119,831,813 119,831,813 Construction — — — — 5,943,594 5,943,594 Commercial and industrial — — — — 2,263,608 2,263,608 Home Equity & Consumer 171,645 26,474 19,533 217,652 26,620,319 26,837,971 Total $ 171,645 $ 397,383 $ 19,533 $ 588,561 $ 538,584,830 $ 539,173,391 Loans greater than 89 days past due are considered to be nonperforming. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be Pass rated loans. NOTE 4 – LOANS (Continued) Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Mention Substandard Doubtful Totals September 30, 2020 Residential $ 364,033,362 $ 413,118 $ 651,763 $ — $ 365,098,243 Commercial and multi-family 171,691,395 — 1,460,576 — 173,151,971 Construction 8,988,114 — — — 8,988,114 Commercial and industrial 13,821,513 — — — 13,821,513 Consumer 25,053,131 — 19,167 — 25,072,298 Total $ 583,587,515 $ 413,118 $ 2,131,506 $ — $ 586,132,139 December 31, 2019 Residential $ 382,840,124 $ 326,089 $ 1,130,192 $ — $ 384,296,405 Commercial and multi-family 118,348,599 — 1,483,214 — 119,831,813 Construction 5,943,594 — — — 5,943,594 Commercial and industrial 2,263,608 — — — 2,263,608 Consumer 26,818,438 — 19,533 — 26,837,971 Total $ 536,214,363 $ 326,089 $ 2,632,939 $ — $ 539,173,391

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 5 – The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments primarily include commitments to extend credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual amounts of these instruments reflect the extent of involvement the Bank has in those particular classes of financial instruments. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Note 5 – (Continued) The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at September 30, 2020 and December 31, 2019 is as follows: September 30, 2020 December 31, 2019 Fixed Rate Residential mortgage loans $ 5,414,500 $ 5,094,500 Commercial real estate 2,600,000 255,000 Commercial and industrial — 3,991,844 Construction — — Home equity 174,500 — Total $ 8,189,000 $ 9,341,344 September 30, 2020 December 31, 2019 Variable Rate Residential mortgage loans $ 360,500 $ 992,000 Commercial real estate 950,000 — Construction 9,750,000 — Home equity — 977,000 Total $ 11,060,500 $ 1,969,000 Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 3.50% to 4.75% At September 30, 2020 and December 31, 2019, undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to $42,988,848 and $43,225,911, respectively. At September 30, 2020 and December 31, 2019, undisbursed funds from approved lines of credit under a business line of credit program amounted to $404,861 and $421,135, respectively. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes commercial and residential real estate. The Bank leases certain Bank properties and equipment under operating leases. Rent expense was $28,677 and $27,839 for the nine months ended September 30, 2020 and 2019, respectively.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 6 – FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a bank’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: The Bank’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of corporate bonds and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities. Assets measured at fair value on a recurring basis are summarized below: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2020 Securities available for sale: Corporate bonds $ 6,397,722 $ — $ 6,397,722 $ — MBSs - residential 5,879,658 — $ 5,879,658 — $ 12,277,380 $ — $ 12,277,380 $ — As of December 31, 2019 Securities available for sale: Corporate bonds $ 6,910,857 $ — $ 6,910,857 $ — MBSs - residential 6,837,704 — 6,837,704 — $ 13,748,561 $ — $ 13,748,561 $ — There were no transfers between level 1 and level 2 during the nine months ended September 30, 2020 and December 31, 2019. NOTE 6 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments, at September 30, 2020 and December 31, 2019, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2020 Financial instruments - assets Cash and due from banks $ 71,412 $ 71,412 $ 71,412 $ — $ — Investment securities held-to-maturity 53,826 55,337 — 55,337 — Loans 583,816 568,171 — — 568,171 Financial instruments - liabilities Certificates of deposit 388,512 391,129 — 391,129 — Borrowings 108,148 110,403 — 110,403 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2019 Financial instruments - assets Cash and due from banks $ 127,863 $ 127,863 $ 127,863 $ — $ — Investment securities held-to-maturity 56,093 56,582 — 56,582 — Loans 537,157 530,956 — — 530,956 Financial instruments - liabilities Certificates of deposit 400,181 402,513 — 402,513 — Borrowings 97,092 96,892 — 96,892 — Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2020
Stockholders Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) as of the three and nine months ended September 30, 2020 and 2019 Unrealized gain and losses on available for sale Benefit plans Total Three months September 30, 2020 Beginning balance at July 1, 2020 $ 70,352 $ (369,764 ) $ (299,412 ) Other comprehensive gain 32,544 27,895 60,439 Amounts reclassified — — — Net period comprehensive income 32,544 27,895 60,439 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at July 1, 2019 $ 120,386 $ (465,052 ) $ (344,666 ) Other comprehensive loss before reclassification (11,528 ) (14,442 ) (25,970 ) Amounts reclassified — — — Net period comprehensive income (11,528 ) (14,442 ) (25,970 ) Ending balance $ 108,858 $ (479,494 ) $ (370,636 ) Unrealized gain and losses on available for sale Benefit plans Total Nine months September 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive (loss) gain (8,996 ) 83,688 74,692 Amounts reclassified — — — Net period comprehensive income (8,996 ) 83,688 74,692 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at January 1, 2019 $ 50,561 $ (367,680 ) $ (317,119 ) Cumulative effect of accounting changes 28,659 (97,372 ) (68,713 ) Beginning balance at January 1, 2019, as adjusted 79,220 (465,052 ) (385,832 ) Other comprehensive gain (loss) before reclassification 29,636 (14,442 ) 15,194 Amounts reclassified — — — Net period comprehensive income 29,636 — 15,194 Ending balance $ 108,858 $ (479,494 ) $ (370,636 )

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EMPLOYEE STOCK OWNERSHIP PLAN	NOTE 8 – EMPLOYEE STOCK OWNERSHIP PLAN In connection with our mutual-to-stock reorganization and stock offering, the Bank established an employee stock ownership plan (“ESOP”), which acquired 515,775 shares of the Company’s common stock equaling 4% of the shares issued, including shares issued to the Bogota Savings Bank Charitable Foundation. The ESOP is a tax-qualified retirement plan providing employees the opportunity to own Company stock. Bank contributions to the ESOP are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares to be allocated annually is 25,789 through 2039.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2020 and December 31, 2019. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share resulting in net proceeds of $54.6 million after $2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”
Reclassifications	Reclassifications
Earnings per Share	Earnings per Share: The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three and nine months ended September 30, 2020. Earnings per share were not applicable for the three and nine months ended September 30, 2019 since there were no shares outstanding. For the three months ended September 30, For the nine months ended September 30, Net income $ 956,416 $ 1,021,905 Basic earnings per share: Weighted average shares outstanding - basic 12,657,453 12,004,881 Basic earnings per share $ 0.08 $ 0.09
Use of Estimates	Use of Estimates
Risks and Uncertainties	Risks and Uncertainties
Basis of Presentation	Basis of Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period.
Not yet effective Accounting Pronouncements:	Not yet effective Accounting Pronouncements: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is fiscal years beginning after December 15, 2022 (the fiscal year beginning on January 1, 2023 for the Company), and interim periods within those fiscal years. The Company currently expects to continue to qualify as a smaller reporting company, based upon the current SEC definition, and as a result, will likely be able to defer implementation of the new standard for a period of time. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule Of Earnings Per Share Basic And Diluted [Abstract]
Summary of earnings per share basic	The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three and nine months ended September 30, 2020. Earnings per share were not applicable for the three and nine months ended September 30, 2019 since there were no shares outstanding. For the three months ended September 30, For the nine months ended September 30, Net income $ 956,416 $ 1,021,905 Basic earnings per share: Weighted average shares outstanding - basic 12,657,453 12,004,881 Basic earnings per share $ 0.08 $ 0.09

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale	The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2020 Corporate bonds due in: One through five years $ 6,375,497 $ 29,296 $ (7,071 ) $ 6,397,722 Five through ten years — — — — MBSs – residential 5,758,755 123,176 (2,273 ) 5,879,658 Total $ 12,134,252 $ 152,472 $ (9,344 ) $ 12,277,380 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 Corporate bonds due in: Less than one year $ 499,126 $ 2,053 $ (8,405 ) $ 501,179 One through five years 6,038,217 29,709 — 6,059,521 Five through ten years 350,000 157 — 350,157 MBSs – residential 6,705,574 132,130 — 6,837,704 Total $ 13,592,917 $ 164,049 $ (8,405 ) $ 13,748,561
Summary of debt securities available for sale and unrealized loss position	The age of unrealized losses and the fair value of related securities as of September 30, 2020 and December 31, 2019 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2020 Corporate bonds $ 1,002,506 $ (3,171 ) $ 1,003,248 $ (3,900 ) $ 2,005,754 $ (7,071 ) MBSs – residential 361,856 (2,273 ) - - 361,856 (2,273 ) Total $ 1,364,362 $ (5,444 ) $ 1,003,248 $ (3,900 ) $ 2,367,610 $ (9,344 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Corporate bonds $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Total $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 )

SECURITIES HELD TO MATURITY (Ta

SECURITIES HELD TO MATURITY (Tables)	9 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity	The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value September 30, 2020 U.S. Government-sponsored agencies due in: One through five years $ — $ — $ — $ — Five through ten years 1,497,375 4,163 — 1,501,538 Corporate bonds due in: Five through ten years 9,137,021 161,941 (13,163 ) 9,285,799 Municipal obligations due in: One through five years 3,105,395 41,251 (407 ) 3,146,239 Five through ten years 375,000 33,761 — 408,761 MBSs: Residential 8,139,390 191,049 (2,632 ) 8,327,807 Commercial 31,571,930 1,147,793 (52,770 ) 32,666,953 Total $ 53,826,111 $ 1,579,958 $ (68,972 ) $ 55,337,097 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2019 U.S. Government-sponsored agencies due in: Less than one year $ 4,950,000 $ — $ (520 ) $ 4,949,480 One through five years 2,499,584 — (8,517 ) 2,491,067 Five through ten years 4,495,576 421 (5,406 ) 4,490,591 Corporate bonds due in: Five through ten years 5,436,837 112,172 — 5,549,009 Municipal obligations due in: Less than one year 909,795 3,697 — 913,492 One through five years 1,380,377 20,395 — 1,400,772 MBSs: Residential 7,820,452 76,082 (10,077 ) 7,886,457 Commercial 28,600,696 305,721 (4,984 ) 28,901,432 Total $ 56,093,317 $ 518,486 $ (29,504 ) $ 56,582,299
Summary of debt securities held to maturity and unrealized loss position	The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses September 30, 2020 Corporate Bonds $ 1,422,140 $ (13,163 ) $ — $ — $ 1,422,140 $ (13,163 ) Municipal Bonds $ 1,436,188 $ (407 ) — — $ 1,436,188 $ (407 ) MBSs – residential 313,119 (2,632 ) — — 313,119 (2,632 ) MBSs – commercial 2,610,314 (52,770 ) — — 2,610,314 (52,770 ) Total $ 5,781,761 $ (68,972 ) $ — $ — $ 5,781,761 $ (68,972 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2019 U.S. Government-sponsored agencies $ 2,991,651 $ (5,406 ) $ 7,440,548 $ (9,037 ) $ 10,432,199 $ (14,443 ) Corporate bonds — — — — — — MBSs – residential 64,672 (129 ) 1,539,406 (9,948 ) 1,604,078 (10,077 ) MBSs – commercial 2,077,669 (4,984 ) — — 2,077,669 (4,894 ) Total $ 5,133,992 $ (10,519 ) $ 8,979,954 $ (18,985 ) $ 14,113,946 $ (29,504 )

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Summary of loans receivable	Loans are summarized as follows at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Real estate: Residential $ 365,098,243 $ 384,296,405 Commercial and multi-family real estate 173,151,971 119,831,813 Construction 8,988,114 5,943,594 Commercial and industrial 13,821,513 2,263,608 Consumer: Home equity and other 25,072,298 26,837,971 Total loans 586,132,139 539,173,391 Allowance for loan losses (2,316,174 ) (2,016,174 ) Net loans $ 583,815,965 $ 537,157,217
Summary of activity in the allowance for loan losses by portfolio segment	The following table presents the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Three months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,357,674 $ 770,000 $ 34,500 $ 88,000 $ 16,000 $ 2,266,174 Provision for loan losses (credit) (50,500 ) 70,000 6,000 500 (1,000 ) 25,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,300,674 $ 600,000 $ 12,500 $ 94,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) 37,400 (38,000 ) 500 100 — — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Nine months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) (76,000 ) 328,000 14,500 2,500 6,000 275,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,266,175 $ 607,000 $ 9,000 $ 89,000 $ 5,000 $ 1,976,175 Provision for loan losses (credit) 31,900 (45,000 ) 4,000 5,100 4,000 — Loans charged off — — — — — — Recoveries 39,999 — — — — 39,999 Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174
Summary of allowance for loan losses and the recorded investment in loans by portfolio segments	The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of September 30, 2020 and December 31, 2019: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total September 30, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,296,315 840,000 40,500 88,500 15,000 2,280,315 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 Loans: Loans individually evaluated for impairment $ 1,064,881 $ 224,930 $ — $ 19,167 $ — $ 1,308,978 Loans collectively evaluated for impairment 364,033,362 172,927,041 8,988,114 25,053,131 13,821,513 584,823,161 Total ending loan balance $ 365,098,243 $ 173,151,971 $ 8,988,114 $ 25,072,298 $ 13,821,513 $ 586,132,139 December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,347,315 512,000 26,000 86,000 9,000 1,980,315 Total ending allowance balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Loans: Loans individually evaluated for impairment $ 1,245,071 $ 229,490 $ — $ 19,533 $ — $ 1,494,094 Loans collectively evaluated for impairment 383,051,334 119,602,323 5,943,594 26,818,438 2,263,608 537,679,297 Total ending loan balance $ 384,296,405 $ 119,831,813 $ 5,943,594 $ 26,837,971 $ 2,263,608 $ 539,173,391
Summary of impaired loans	Impaired loans as of and for the nine months ended September 30, 2020 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 887,240 $ 177,641 $ 35,859 Commercial and Multi-Family 224,930 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,167 — — $ 1,131,337 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended September 30, 2020 Nine months ended September 30, 2020 Residential first mortgages $ 1,143,912 $ 1,231,099 Commercial and Multi-Family 225,714 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 19,232 19,353 $ 1,388,858 $ 1,477,678 Impaired loans as of and for the year ended December 31, 2019 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 1,066,071 $ 179,000 $ 35,859 Commercial and Multi-Family 229,490 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,533 — — $ 1,315,094 $ 179,000 $ 35,859 Average Of individually Impaired Three months ended September 30, 2019 Nine months ended September 30, 2019 Residential first mortgages $ 1,231,715 $ 1,234,948 Commercial and Multi-Family — — Construction — — Commercial & Industrial — — Home equity & other consumer 9,866 6,577 $ 1,241,581 $ 1,241,525
Summary of recorded investment in nonaccrual and past due	The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of September 30, 2020 and December 31, 2019: Nonaccrual Loans Past Due 90 Days or More Still Accruing September 30, 2020 Residential $ 652,592 $ — Commercial and multi-family — — Consumer 19,167 — Total $ 671,759 $ — December 31, 2019 Residential $ 570,406 $ — Commercial and multi-family — — Consumer 19,533 — Total $ 589,940 $ —
Summary of aging of loans receivable by portfolio segment	The following table presents the aging of the recorded investment in past due loans as of September 30, 2020 and December 31, 2019, by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Past Due Total Past Loans Not Past Due Total September 30, 2020 Residential $ — $ 409,026 $ — $ 409,026 $ 364,689,217 $ 365,098,243 Commercial and multi-family — — — — 173,151,971 173,151,971 Construction — — — — 8,988,114 8,988,114 Commercial and industrial — — — — 13,821,513 13,821,513 Consumer — 24,600 — 24,600 25,047,698 25,072,298 Total $ — $ 433,626 $ — $ 433,626 $ 585,698,513 $ 586,132,139 December 31, 2019 Residential $ — $ 370,909 $ — $ 370,909 $ 383,925,496 $ 384,296,405 Commercial and multi-family — — — — 119,831,813 119,831,813 Construction — — — — 5,943,594 5,943,594 Commercial and industrial — — — — 2,263,608 2,263,608 Home Equity & Consumer 171,645 26,474 19,533 217,652 26,620,319 26,837,971 Total $ 171,645 $ 397,383 $ 19,533 $ 588,561 $ 538,584,830 $ 539,173,391
Summary of loans receivable by credit quality risk	Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Mention Substandard Doubtful Totals September 30, 2020 Residential $ 364,033,362 $ 413,118 $ 651,763 $ — $ 365,098,243 Commercial and multi-family 171,691,395 — 1,460,576 — 173,151,971 Construction 8,988,114 — — — 8,988,114 Commercial and industrial 13,821,513 — — — 13,821,513 Consumer 25,053,131 — 19,167 — 25,072,298 Total $ 583,587,515 $ 413,118 $ 2,131,506 $ — $ 586,132,139 December 31, 2019 Residential $ 382,840,124 $ 326,089 $ 1,130,192 $ — $ 384,296,405 Commercial and multi-family 118,348,599 — 1,483,214 — 119,831,813 Construction 5,943,594 — — — 5,943,594 Commercial and industrial 2,263,608 — — — 2,263,608 Consumer 26,818,438 — 19,533 — 26,837,971 Total $ 536,214,363 $ 326,089 $ 2,632,939 $ — $ 539,173,391

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of outstanding firm commitments	The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at September 30, 2020 and December 31, 2019 is as follows: September 30, 2020 December 31, 2019 Fixed Rate Residential mortgage loans $ 5,414,500 $ 5,094,500 Commercial real estate 2,600,000 255,000 Commercial and industrial — 3,991,844 Construction — — Home equity 174,500 — Total $ 8,189,000 $ 9,341,344 September 30, 2020 December 31, 2019 Variable Rate Residential mortgage loans $ 360,500 $ 992,000 Commercial real estate 950,000 — Construction 9,750,000 — Home equity — 977,000 Total $ 11,060,500 $ 1,969,000

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of carrying amounts and estimated fair values of financial instruments	The carrying amounts and estimated fair values of financial instruments, at September 30, 2020 and December 31, 2019, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2020 Financial instruments - assets Cash and due from banks $ 71,412 $ 71,412 $ 71,412 $ — $ — Investment securities held-to-maturity 53,826 55,337 — 55,337 — Loans 583,816 568,171 — — 568,171 Financial instruments - liabilities Certificates of deposit 388,512 391,129 — 391,129 — Borrowings 108,148 110,403 — 110,403 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2019 Financial instruments - assets Cash and due from banks $ 127,863 $ 127,863 $ 127,863 $ — $ — Investment securities held-to-maturity 56,093 56,582 — 56,582 — Loans 537,157 530,956 — — 530,956 Financial instruments - liabilities Certificates of deposit 400,181 402,513 — 402,513 — Borrowings 97,092 96,892 — 96,892 —
Fair Value, Recurring
Summary of fair value, assets measured on recurring and nonrecurring basis	Assets measured at fair value on a recurring basis are summarized below: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2020 Securities available for sale: Corporate bonds $ 6,397,722 $ — $ 6,397,722 $ — MBSs - residential 5,879,658 — $ 5,879,658 — $ 12,277,380 $ — $ 12,277,380 $ — As of December 31, 2019 Securities available for sale: Corporate bonds $ 6,910,857 $ — $ 6,910,857 $ — MBSs - residential 6,837,704 — 6,837,704 — $ 13,748,561 $ — $ 13,748,561 $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders Equity Note [Abstract]
Summary of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive loss included in equity (net of tax) as of the three and nine months ended September 30, 2020 and 2019 Unrealized gain and losses on available for sale Benefit plans Total Three months September 30, 2020 Beginning balance at July 1, 2020 $ 70,352 $ (369,764 ) $ (299,412 ) Other comprehensive gain 32,544 27,895 60,439 Amounts reclassified — — — Net period comprehensive income 32,544 27,895 60,439 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at July 1, 2019 $ 120,386 $ (465,052 ) $ (344,666 ) Other comprehensive loss before reclassification (11,528 ) (14,442 ) (25,970 ) Amounts reclassified — — — Net period comprehensive income (11,528 ) (14,442 ) (25,970 ) Ending balance $ 108,858 $ (479,494 ) $ (370,636 ) Unrealized gain and losses on available for sale Benefit plans Total Nine months September 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive (loss) gain (8,996 ) 83,688 74,692 Amounts reclassified — — — Net period comprehensive income (8,996 ) 83,688 74,692 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at January 1, 2019 $ 50,561 $ (367,680 ) $ (317,119 ) Cumulative effect of accounting changes 28,659 (97,372 ) (68,713 ) Beginning balance at January 1, 2019, as adjusted 79,220 (465,052 ) (385,832 ) Other comprehensive gain (loss) before reclassification 29,636 (14,442 ) 15,194 Amounts reclassified — — — Net period comprehensive income 29,636 — 15,194 Ending balance $ 108,858 $ (479,494 ) $ (370,636 )

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	Mar. 16, 2020	Mar. 03, 2020	Jan. 15, 2020	Sep. 30, 2020
Shares issued during period			5,657,735
Shares Issued, Price Per Share			$ 10
Net Proceeds from Issuance of Common stock				$ 54,600,000
Issuance Expenses				$ 2,000,000
Minimum
Federal funds interest rate	0.00%	1.00%
Maximum
Federal funds interest rate	0.25%	1.25%
Bogota Savings Bank Charitable Foundation Inc | Structure Reorganization
Shares issued during period			263,150
Payments for reorganization			$ 250,000
Bogota Financial MHC | Structure Reorganization
Shares issued during period			7,236,640

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic (Detail) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 956,416	$ 1,403,073	$ (1,337,583)	$ 671,014	$ 608,271	$ 361,818	$ 1,021,905	$ 1,641,103
Basic earnings per share:
Weighted average shares outstanding - basic	12,657,453						12,004,881
Basic earnings per share	$ 0.08						$ 0.09

SECURITIES AVAILABLE FOR SALE -

SECURITIES AVAILABLE FOR SALE - Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 12,134,252	$ 13,592,917
Gross Unrealized Gains	152,472	164,049
Gross Unrealized Losses	(9,344)	(8,405)
Fair Value	12,277,380	13,748,561
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, due in Less than one year, Amortized Cost		499,126
Securities available for sale, due in One through five years, Amortized Cost	6,375,497	6,038,217
Securities available for sale, due in Five through ten years, Amortized Cost		350,000
Securities available for sale, due in Less than one year, Gross Unrealized Gains		2,053
Securities available for sale, due in One through five years, Gross Unrealized Gains	29,296	29,709
Securities available for sale, due in Five through ten years, Gross Unrealized Gains		157
Securities available for sale, due in Less than one year, Gross Unrealized Losses		(8,405)
Securities available for sale, due in One through five years, Gross Unrealized Losses	(7,071)
Securities available for sale, due in Less than one year, Fair Value		501,179
Securities available for sale, due in One through five years, Fair Value	6,397,722	6,059,521
Securities available for sale, due in Five through ten years, Fair Value		350,157
Residential Mortgage Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	5,758,755	6,705,574
Gross Unrealized Gains	123,176	132,130
Gross Unrealized Losses	(2,273)
Fair Value	$ 5,879,658	$ 6,837,704

SECURITIES AVAILABLE FOR SALE_2

SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Interest – bearing deposits in other | Collateral Pledged
Schedule Of Available For Sale Securities [Line Items]
Debt securities, available-for-sale, restricted	$ 227,216		$ 261,165
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Schedule Of Available For Sale Securities [Line Items]
Sales of available-for-sale securities	$ 0	$ 0
Percent of MSB issued	100.00%

SECURITIES AVAILABLE FOR SALE_3

SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	$ 1,364,362	$ 1,010,399
Unrealized Losses, Less Than 12 Months	(5,444)	(2,883)
Fair Value, 12 Months or More	1,003,248	1,003,516
Unrealized Losses, 12 Months or More	(3,900)	(5,522)
Fair Value, Total	2,367,610	2,013,915
Unrealized Losses, Total	(9,344)	(8,405)
Corporate Bonds
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	1,002,506	1,010,399
Unrealized Losses, Less Than 12 Months	(3,171)	(2,883)
Fair Value, 12 Months or More	1,003,248	1,003,516
Unrealized Losses, 12 Months or More	(3,900)	(5,522)
Fair Value, Total	2,005,754	2,013,915
Unrealized Losses, Total	(7,071)	$ (8,405)
Residential Mortgage Backed Securities
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	361,856
Unrealized Losses, Less Than 12 Months	(2,273)
Fair Value, Total	361,856
Unrealized Losses, Total	$ (2,273)

SECURITIES HELD TO MATURITY - S

SECURITIES HELD TO MATURITY - Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 53,826,111	$ 56,093,317
Gross Unrealized Gains	1,579,958	518,486
Gross Unrealized Losses	(68,972)	(29,504)
Fair Value	55,337,097	56,582,299
U.S. Government-sponsored Agencies
Marketable Securities [Line Items]
Securities held to maturity, due in Less than one year, Amortized Cost		4,950,000
Securities held to maturity, due in One through five years, Amortized Cost		2,499,584
Securities held to maturity, due in Five through ten years, Amortized Cost	1,497,375	4,495,576
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	4,163	421
Securities held to maturity, due in Less than one year, Gross Unrealized Losses		(520)
Securities held to maturity, due in One through five years, Gross Unrealized Losses		(8,517)
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses		(5,406)
Securities held to maturity, due in Less than one year, Fair Value		4,949,480
Securities held to maturity, due in One through five years, Fair Value		2,491,067
Securities held to maturity, due in Five through ten years, Fair Value	1,501,538	4,490,591
Corporate Bonds
Marketable Securities [Line Items]
Securities held to maturity, due in Five through ten years, Amortized Cost	9,137,021	5,436,837
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	161,941	112,172
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses	(13,163)
Securities held to maturity, due in Five through ten years, Fair Value	9,285,799	5,549,009
Municipal Obligations
Marketable Securities [Line Items]
Securities held to maturity, due in Less than one year, Amortized Cost		909,795
Securities held to maturity, due in One through five years, Amortized Cost	3,105,395	1,380,377
Securities held to maturity, due in Five through ten years, Amortized Cost	375,000
Securities held to maturity, due in Less than one year, Gross Unrealized Gains		3,697
Securities held to maturity, due in One through five years, Gross Unrealized Gains	41,251	20,395
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	33,761
Securities held to maturity, due in One through five years, Gross Unrealized Losses	(407)
Securities held to maturity, due in Less than one year, Fair Value		913,492
Securities held to maturity, due in One through five years, Fair Value	3,146,239	1,400,772
Securities held to maturity, due in Five through ten years, Fair Value	408,761
Residential Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	8,139,390	7,820,452
Gross Unrealized Gains	191,049	76,082
Gross Unrealized Losses	(2,632)	(10,077)
Fair Value	8,327,807	7,886,457
Commercial Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	31,571,930	28,600,696
Gross Unrealized Gains	1,147,793	305,721
Gross Unrealized Losses	(52,770)	(4,984)
Fair Value	$ 32,666,953	$ 28,901,432

SECURITIES HELD TO MATURITY -_2

SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	$ 5,781,761	$ 5,133,992
Unrealized Losses, Less Than 12 Months	(68,972)	(10,519)
Fair Value, 12 Months or More		8,979,954
Unrealized Losses, 12 Months or More		(18,985)
Fair Value, Total	5,781,761	14,113,946
Unrealized Losses, Total	(68,972)	(29,504)
U.S. Government-sponsored Agencies
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months		2,991,651
Unrealized Losses, Less Than 12 Months		(5,406)
Fair Value, 12 Months or More		7,440,548
Unrealized Losses, 12 Months or More		(9,037)
Fair Value, Total		10,432,199
Unrealized Losses, Total		(14,443)
Corporate bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	1,422,140
Unrealized Losses, Less Than 12 Months	(13,163)
Fair Value, Total	1,422,140
Unrealized Losses, Total	(13,163)
Municipal Bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	1,436,188
Unrealized Losses, Less Than 12 Months	(407)
Fair Value, Total	1,436,188
Unrealized Losses, Total	(407)
MBSs – residential
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	313,119	64,672
Unrealized Losses, Less Than 12 Months	(2,632)	(129)
Fair Value, 12 Months or More		1,539,406
Unrealized Losses, 12 Months or More		(9,948)
Fair Value, Total	313,119	1,604,078
Unrealized Losses, Total	(2,632)	(10,077)
MBSs – commercial
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	2,610,314	2,077,669
Unrealized Losses, Less Than 12 Months	(52,770)	(4,984)
Fair Value, Total	2,610,314	2,077,669
Unrealized Losses, Total	$ (52,770)	$ (4,894)

SECURITIES HELD TO MATURITY - A

SECURITIES HELD TO MATURITY - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Interest – bearing deposits in other
Schedule Of Held To Maturity Securities [Line Items]
Debt securities, held to maturity, restricted	$ 4,121,120	$ 4,429,954
Collateral Pledged | Federal Funds Purchased and Securities Sold under Agreements to Repurchase
Schedule Of Held To Maturity Securities [Line Items]
Debt securities, held to maturity, restricted	$ 11,381,863	$ 14,392,143

LOANS - Summary of loans receiv

LOANS - Summary of loans receivable (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Total loans	$ 586,132,139		$ 539,173,391
Allowance for loan losses	(2,316,174)	$ (2,266,174)	(2,016,174)	$ (2,016,174)	$ (2,016,174)	$ (1,976,175)
Net loans	583,815,965		537,157,217
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	13,821,513		2,263,608
Allowance for loan losses	(15,000)	(16,000)	(9,000)	(9,000)	(9,000)	(5,000)
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	25,072,298		26,837,971
Allowance for loan losses	(88,500)	(88,000)	(86,000)	(94,100)	(94,000)	(89,000)
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	365,098,243		384,296,405
Allowance for loan losses	(1,332,174)	(1,357,674)	(1,383,174)	(1,338,074)	(1,300,674)	(1,266,175)
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	173,151,971		119,831,813
Allowance for loan losses	(840,000)	(770,000)	(512,000)	(562,000)	(600,000)	(607,000)
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	8,988,114		5,943,594
Allowance for loan losses	(40,500)	$ (34,500)	(26,000)	$ (13,000)	$ (12,500)	$ (9,000)
Home equity and other | Consumer
Financing Receivable, Past Due [Line Items]
Total loans	$ 25,072,298		$ 26,837,971

LOANS - Additional Information

LOANS - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)LoanApplication	Sep. 30, 2019Loan	Dec. 31, 2019USD ($)Loan
Financing Receivable, Past Due [Line Items]
Loans receivable from related parties	$ 791,102		$ 779,790
Loan modifications	$ 67,900,000
Percentage of loan portfolio	11.60%
Number of loans modified under Cares Act | Loan	172
Number of loans modified deferred under Cares Act | Loan	25
Loans receivable amount modified deferred under Cares Act	$ 7,900,000
Percentage of loans receivable modified deferred under Cares Act	1.40%
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 177,641		179,000
Amount of allowance for loan losses allocated	$ 35,859		$ 35,859
Paycheck Protection Program | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Number of applications received and processed | Application	113
Loans received and processed	$ 10,500,000
Residential | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Number of troubled debt restructured loans | Loan	5		6
Troubled debt restructured loans	$ 979,781		$ 1,250,741
Impaired Financing Receivable, with Related Allowance, Recorded Investment	177,641		179,000
Specific reserve for troubled debt restructured loans	35,859
Amount of allowance for loan losses allocated	$ 35,859		35,859
Financing receivable, modifications, number of contracts | Loan	0	0
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | Loan	0	0
Other real estate owned	$ 0		$ 0

LOANS - Summary of activity in

LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 2,266,174	$ 2,016,174	$ 2,016,174	$ 1,976,175
Provision for loan losses (credit)	25,000		275,000
Recoveries	25,000		25,000	39,999
Ending balance	2,316,174	2,016,174	2,316,174	2,016,174
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Beginning balance	1,357,674	1,300,674	1,383,174	1,266,175
Provision for loan losses (credit)	(50,500)	37,400	(76,000)	31,900
Recoveries	25,000		25,000	39,999
Ending balance	1,332,174	1,338,074	1,332,174	1,338,074
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Beginning balance	770,000	600,000	512,000	607,000
Provision for loan losses (credit)	70,000	(38,000)	328,000	(45,000)
Ending balance	840,000	562,000	840,000	562,000
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Beginning balance	34,500	12,500	26,000	9,000
Provision for loan losses (credit)	6,000	500	14,500	4,000
Ending balance	40,500	13,000	40,500	13,000
Consumer
Financing Receivable, Past Due [Line Items]
Beginning balance	88,000	94,000	86,000	89,000
Provision for loan losses (credit)	500	100	2,500	5,100
Ending balance	88,500	94,100	88,500	94,100
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Beginning balance	16,000	9,000	9,000	5,000
Provision for loan losses (credit)	(1,000)		6,000	4,000
Ending balance	$ 15,000	$ 9,000	$ 15,000	$ 9,000

LOANS - Summary of allowance fo

LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	$ 35,859		$ 35,859
Collectively evaluated for impairment	2,280,315		1,980,315
Total ending allowance balance	2,316,174	$ 2,266,174	2,016,174	$ 2,016,174	$ 2,016,174	$ 1,976,175
Loans individually evaluated for impairment	1,308,978		1,494,094
Loans collectively evaluated for impairment	584,823,161		537,679,297
Total ending loan balance	586,132,139		539,173,391
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	35,859		35,859
Collectively evaluated for impairment	1,296,315		1,347,315
Total ending allowance balance	1,332,174	1,357,674	1,383,174	1,338,074	1,300,674	1,266,175
Loans individually evaluated for impairment	1,064,881		1,245,071
Loans collectively evaluated for impairment	364,033,362		383,051,334
Total ending loan balance	365,098,243		384,296,405
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	840,000		512,000
Total ending allowance balance	840,000	770,000	512,000	562,000	600,000	607,000
Loans individually evaluated for impairment	224,930		229,490
Loans collectively evaluated for impairment	172,927,041		119,602,323
Total ending loan balance	173,151,971		119,831,813
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	40,500		26,000
Total ending allowance balance	40,500	34,500	26,000	13,000	12,500	9,000
Loans collectively evaluated for impairment	8,988,114		5,943,594
Total ending loan balance	8,988,114		5,943,594
Consumer
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	88,500		86,000
Total ending allowance balance	88,500	88,000	86,000	94,100	94,000	89,000
Loans individually evaluated for impairment	19,167		19,533
Loans collectively evaluated for impairment	25,053,131		26,818,438
Total ending loan balance	25,072,298		26,837,971
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	15,000		9,000
Total ending allowance balance	15,000	$ 16,000	9,000	$ 9,000	$ 9,000	$ 5,000
Loans collectively evaluated for impairment	13,821,513		2,263,608
Total ending loan balance	$ 13,821,513		$ 2,263,608

LOANS - Summary of impaired loa

LOANS - Summary of impaired loans (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	$ 1,131,337		$ 1,131,337		$ 1,315,094
Loans with an allowance recorded	177,641		177,641		179,000
Amount of allowance for loan losses allocated	35,859		35,859		35,859
Average of individually impaired loans	1,388,858	$ 1,241,581	1,477,678	$ 1,241,525
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	887,240		887,240		1,066,071
Loans with an allowance recorded	177,641		177,641		179,000
Amount of allowance for loan losses allocated	35,859		35,859		35,859
Average of individually impaired loans	1,143,912	1,231,715	1,231,099	1,234,948
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	224,930		224,930		229,490
Average of individually impaired loans	225,714		227,226
Home equity & other consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	19,167		19,167		$ 19,533
Average of individually impaired loans	$ 19,232	$ 9,866	$ 19,353	$ 6,577

LOANS - Summary of recorded inv

LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 671,759	$ 589,940
Residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	652,592	570,406
Consumer
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 19,167	$ 19,533

LOANS - Summary of aging of loa

LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 433,626	$ 588,561
Loans Not Past Due	585,698,513	538,584,830
Total loans	586,132,139	539,173,391
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Loans Past Due	409,026	370,909
Loans Not Past Due	364,689,217	383,925,496
Total loans	365,098,243	384,296,405
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	173,151,971	119,831,813
Total loans	173,151,971	119,831,813
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	8,988,114	5,943,594
Total loans	8,988,114	5,943,594
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	13,821,513	2,263,608
Total loans	13,821,513	2,263,608
Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	24,600
Loans Not Past Due	25,047,698
Total loans	25,072,298	26,837,971
Consumer | Home Equity Loan
Financing Receivable, Past Due [Line Items]
Loans Past Due		217,652
Loans Not Past Due		26,620,319
Total loans	25,072,298	26,837,971
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due		171,645
30-59 Days Past Due | Consumer | Home Equity Loan
Financing Receivable, Past Due [Line Items]
Loans Past Due		171,645
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	433,626	397,383
60-89 Days Past Due | Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Loans Past Due	409,026	370,909
60-89 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 24,600
60-89 Days Past Due | Consumer | Home Equity Loan
Financing Receivable, Past Due [Line Items]
Loans Past Due		26,474
Greater than 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due		19,533
Greater than 89 Days Past Due | Consumer | Home Equity Loan
Financing Receivable, Past Due [Line Items]
Loans Past Due		$ 19,533

LOANS - Summary of loans rece_2

LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total	$ 586,132,139	$ 539,173,391
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total	13,821,513	2,263,608
Consumer
Financing Receivable, Past Due [Line Items]
Total	25,072,298	26,837,971
Pass
Financing Receivable, Past Due [Line Items]
Total	583,587,515	536,214,363
Pass | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total	13,821,513	2,263,608
Pass | Consumer
Financing Receivable, Past Due [Line Items]
Total	25,053,131	26,818,438
Special Mention
Financing Receivable, Past Due [Line Items]
Total	413,118	326,089
Substandard
Financing Receivable, Past Due [Line Items]
Total	2,131,506	2,632,939
Substandard | Consumer
Financing Receivable, Past Due [Line Items]
Total	19,167	19,533
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	365,098,243	384,296,405
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	364,033,362	382,840,124
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	413,118	326,089
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	651,763	1,130,192
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	173,151,971	119,831,813
Commercial and Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	171,691,395	118,348,599
Commercial and Multi-Family Real Estate | Substandard | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	1,460,576	1,483,214
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	8,988,114	5,943,594
Construction | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	$ 8,988,114	$ 5,943,594

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fixed Rate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	$ 8,189,000	$ 9,341,344
Fixed Rate | Residential mortgage loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	5,414,500	5,094,500
Fixed Rate | Commercial real estate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	2,600,000	255,000
Fixed Rate | Commercial and industrial
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments		3,991,844
Fixed Rate | Home equity loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	174,500
Variable Rate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	11,060,500	1,969,000
Variable Rate | Residential mortgage loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	360,500	992,000
Variable Rate | Commercial real estate
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	950,000
Variable Rate | Construction
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments	$ 9,750,000
Variable Rate | Home equity loans
Commitments and contingencies [Line Items]
Fair Value, Concentration of Risk, Commitments		$ 977,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Commitments and contingencies [Line Items]
Period of loans commitments	Commitments to make loans are generally made for periods of 90 days or less.
Operating leases, rent expense	$ 28,677	$ 27,839
Home Equity Loan
Commitments and contingencies [Line Items]
Undisbursed loan funds	42,988,848		$ 43,225,911
Business Line Of Credit
Commitments and contingencies [Line Items]
Undisbursed loan funds	$ 404,861		$ 421,135
Minimum
Commitments and contingencies [Line Items]
Interest rate	3.50%
Maturity term	10 years
Maximum
Commitments and contingencies [Line Items]
Interest rate	4.75%
Maturity term	30 years

FAIR VALUE - Summary of assets

FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 12,277,380	$ 13,748,561
MBSs – residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	5,879,658	6,837,704
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	12,277,380	13,748,561
Fair Value, Recurring Basis | Corporate bonds | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,397,722	6,910,857
Fair Value, Recurring Basis | MBSs – residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	5,879,658	6,837,704
Fair Value, Recurring Basis | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	12,277,380	13,748,561
Fair Value, Recurring Basis | Carrying Value | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,397,722	6,910,857
Fair Value, Recurring Basis | Carrying Value | MBSs – residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 5,879,658	$ 6,837,704

FAIR VALUE - Summary of carryin

FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Financial instruments - assets
Cash and cash equivalents, fair value disclosure	$ 71,412,000	$ 127,863,000
Investment securities held-to-maturity	55,337,097	56,582,299
Loans	568,171,000	530,956,000
Financial instruments - liabilities
Certificates of deposit	391,129,000	402,513,000
Borrowings	110,403,000	96,892,000
Fair Value Measurement Placement (Level 1)
Financial instruments - assets
Cash and cash equivalents, fair value disclosure	71,412,000	127,863,000
Fair Value Measurement Placement (Level 2)
Financial instruments - assets
Investment securities held-to-maturity	55,337,000	56,582,000
Financial instruments - liabilities
Certificates of deposit	391,129,000	402,513,000
Borrowings	110,403,000	96,892,000
Fair Value Measurement Placement (Level 3)
Financial instruments - assets
Loans	568,171,000	530,956,000
Carrying Value
Financial instruments - assets
Cash and cash equivalents, fair value disclosure	71,412,000	127,863,000
Investment securities held-to-maturity	53,826,000	56,093,000
Loans	583,816,000	537,157,000
Financial instruments - liabilities
Certificates of deposit	388,512,000	400,181,000
Borrowings	$ 108,148,000	$ 97,092,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 126,331,951	$ 73,489,023	$ 74,977,847	$ 72,477,768
Comprehensive income	1,016,855	645,044	1,096,597	1,656,299
Ending balance	127,399,899	74,134,067	127,399,899	74,134,067
Unrealized gain and losses on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	70,352	120,386	111,892	50,561
Other comprehensive (loss) gain	32,544		(8,996)
Other comprehensive gain (loss) before reclassification		(11,528)		29,636
Comprehensive income	32,544	(11,528)	(8,996)	29,636
Ending balance	102,896	108,858	102,896	108,858
Unrealized gain and losses on available for sale securities | Cumulative Effect of Accounting Changes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				28,659
Unrealized gain and losses on available for sale securities | Cumulative Effect of Adoption Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				79,220
Benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(369,764)	(465,052)	(425,557)	(367,680)
Other comprehensive (loss) gain	27,895		83,688
Other comprehensive gain (loss) before reclassification		(14,442)		(14,442)
Comprehensive income	27,895	(14,442)	83,688
Ending balance	(341,869)	(479,494)	(341,869)	(479,494)
Benefit plans | Cumulative Effect of Accounting Changes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(97,372)
Benefit plans | Cumulative Effect of Adoption Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(465,052)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(299,412)	(344,666)	(313,665)	(317,119)
Other comprehensive (loss) gain	60,439		74,692
Other comprehensive gain (loss) before reclassification		(25,970)		15,194
Comprehensive income	60,439	(25,970)	74,692	15,194
Ending balance	$ (238,973)	$ (370,636)	$ (238,973)	(370,636)
AOCI Attributable to Parent | Cumulative Effect of Accounting Changes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(68,713)
AOCI Attributable to Parent | Cumulative Effect of Adoption Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				$ (385,832)

EMPLOYEE STOCK OWNERSHIP PLAN -

EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail)	Sep. 30, 2020shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
ESOP shares issued	515,775
ESOP percentage of shares issued	4.00%
ESOP, Number of shares to be allocated	25,789